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Subsequent Events
9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
On November 7, 2018, the Company and the Operating Partnership entered into a loan commitment and an escrow agreement providing for a recast of the 2018 Senior Secured Credit Facilities to, among other things, (i) increase the 2018 Senior Secured Revolving Credit Facility from $450 million to $800 million, (ii) convert the 2018 Senior Secured Credit Facilities from a secured credit facility to an unsecured credit facility, and (iii) decrease the applicable interest rate margins. The release from escrow and closing of the recast 2018 Senior Secured Credit Facilities is expected to occur during the fourth quarter of 2018, subject to closing of the debt private placement transaction mentioned below.
On November 6, 2018, the Operating Partnership priced a debt private placement transaction consisting of (i) $200 million senior unsecured notes with a coupon of 4.68% and a term of seven years and (ii) $400 million senior unsecured notes with a coupon of 4.86% and a term of ten years. The notes will be general unsecured senior obligations of the Operating Partnership and are guaranteed by the Company and the subsidiaries of the Company. The Company expects to apply a portion of the proceeds of the private placement transaction to complete the defeasance of the $600 million Americold 2010 LLC Trust, Commercial Mortgage Pass-Through Certificates, Series 2010, ART (the 2010 CMBS Financing). The outstanding principal amount of the 2010 CMBS Financing is $448 million as of September 30, 2018. The Company expects to incur approximately $17.0 million to $19.0 million of defeasance costs and a write-off of unamortized deferred financing costs of approximately $3.4 million.
On November 9, 2018, the Company entered into an agreement whereby an affiliate of the Company would purchase land for approximately $46.6 million (approximately $64.5 million AUD) and upon which the Company intends to build a state-of-the-art automated facility for a customer. The customer has agreed to acquire the land if construction of the facility is not substantially commenced within certain parameters.