Americold Realty Operating Partnership is in the market with a $600 million securitization backed by cold storage facilities. The deal is called Americold 2010 Trust Series 2010-ART.
The pool is collateralized by the beneficial interest in a 10-year, cross-collateralized first-lien mortgage secured by 53 temperature-controlled warehouses. The offering is reportedly managed by JPMorgan Securities and Goldman Sachs.
The warehouses are owned collectively by PropCo borrowers, which include three property firms, according to a Fitch Ratings presale report.
Fitch said that the collateral for the note also comprises the PropCo borrowers’ interest in the leases and rents, their interest in the handling fees and contract rights in the properties, as well as the assignment of the collateral accounts and the rate cap.
The six-tranche deal's capital structure includes a triple-A $158.7 million class A-1 portion; a triple-A $148.8 million fixed-rate class A2 tranche; $87 million of triple-A, floating-rate class A-2 notes and a $60 million double-A class C tranche.
Proceeds from the notes, along with the added equity, will be used by the issuer to consummate the acquisition of all the non-Canadian facilities and operations of Versacold International Corp., a Canadian unit of the firm's. The proceeds will also be used to pay off existing debt backed by 30 properties included in the portfolio and for general corporate purposes, Fitch said.
