EastGroup gets $225 million revolver at Libor plus 125 bps via PNC

By Toni Weeks

San Diego, Jan. 3 - EastGroup Properties replaced its expired $200 million credit facility with a new four-year $225 million unsecured revolving credit facility, according to a press release.

The initial interest rate is Libor plus 125 basis points, for total interest of 1.46%. There is a 25 bps annual facility fee.

The line of credit, which matures in January 2017, may be expanded by $100 million and extended by one year.

PNC Capital Markets LLC was the administrative agent of the oversubscribed credit facility. The additional participating banks were Wells Fargo Bank, U.S. Bank, SunTrust Bank, Regions Bank, Bank of America, Trustmark National Bank, Bank of New York Mellon and Raymond James Bank.

The company also renewed its $25 million unsecured working cash credit facility for four years with PNC Bank on the same terms as the revolver, the release said.

The self-administered equity real estate investment trust is based in Jackson, Miss.

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