AFR closes $180m refi.American Financial Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Trust announced it has completed the refinancing Refinancing An extension and/or increase in amount of existing debt. of the mortgage debt on its Dana Commercial Credit portfolio of office properties. The refinancing extended the term of the mortgage from approximately five years to twelve years with an increase in the debt balance from approximately $162 million to the new refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. amount of $180 million secured at a fixed rate of 5.61%. The financing substantially reduced annual debt amortization which will reduce the company's use of short term borrowings over the initial remaining five years of the old debt. This reduction in short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. borrowings on a floating rate basis, which are currently rising, compensates for nearly one-half of the additional cost resulting from a higher interest rate on the new debt (157 basis points). There was no penalty incurred as a result of the early retirement of debt. |
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