The 10-year fixed-rate loan was made by Column Financial, Inc. and sourced by Sonnenblick-Eichner Company. Column Financial is a wholly owned subsidiary of Credit Suisse First Boston. Sonnenblick-Eichner is a Los Angeles based real estate investment banking firm.
The loan has an interest rate of 6.7% and 25-year amortization and includes a ten-year call. A source at WestCoast did not return a phone call seeking the specific properties that were refinanced and the loan-to-value ratio.
WestCoast CFO Peter Hausback says the historic low interest rates made it a good time to refinance the company's revolving credit facility into long-term, fixed-rate debt. "This debt structure strengthens the Company's balance sheet and further positions us for success through the remaining economic slowdown and the eventual economic recovery," says Hausback.
After its share price fell from nearly $6 a share to $3.40 a share during the first four months of the year, WestCoast has been on the rebound. Mirroring the broader markets on Monday, shares of WestCoast were off only slightly, falling $0.02 to close at $5.03 per share. The company's 52-week low of $3.40 occurred on April 8, 2003. Its 52-week high of $7.09 dates back to July 15, 2002. In June, WestCoast reported a first quarter net loss (applicable to common shares) of $2.4 million on revenue of $40.17 million.
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