The Empire State Realty recently declared the closing of their term loan facility for the price of $265 Million. According to an article published by Business Wire, "Empire State Realty Trust, Inc., a leading real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area, together with its operating partnership, Empire State Realty OP, L.P. today announced the closing of a new seven year $265.0 million senior unsecured term loan facility."
As the leading real estate investment trust, the company seeks to achieve stability for the next coming years. It appears that the outcome pleased the company because it met the vision that the company wanted to attain. According to a prior report by Business Wire, "The Company continues to pursue opportunities to maximize financial flexibility while lowering the cost of capital and with the closing of this loan, the company further extended and laddered their debt maturities." The current stocks of the company is going well too. Empire State Realty Trust (NASDAQ:ESRT) traded up 1.94% during midday trading on Wednesday, hitting $16.30, as provided in a report by Dakota Financial News.
If the figures continue to rise, it will aid the company as well. The company had a revenue of $112.90 million for the quarter. The firm's revenue for the quarter was up 6.2 percent on a year-over-year basis and on an average, equities analysts predict that Empire State Realty Trust will post $0.90 EPS for the current year, as also further reported by Dakota Financial News.
The loan will also help the company in its future dealings. The term loan facility bears interest at a floating rate equal to, at the Company's election, a LIBOR rate, plus a spread ranging from 1.400 percent to 2.350 percent; or a base rate, plus a spread ranging from 0.400% to 1.350 percent, as stated in a report by Business Wire.
