Federal Realty closes $275 million term loan at Libor plus 145 bps

By Aleesia Forni

Columbus, Ohio, Nov. 28 - Federal Realty Investment Trust entered into a $275 million unsecured term loan facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Pricing is based on the company's credit rating and ranges from Libor plus 130 basis points to 250 bps.

The facility will initially bear interest at a rate of Libor plus 145 bps, and the term loan is set to mature on Nov. 21, 2018.

The Rockville, Md.-based real estate investment trust may increase the facility to $350 million under an accordion feature.

Federal Realty may prepay the loan at 102% of the principal amount of the loan up until Nov. 21, 2013.

From Nov. 22, 2013 to Nov. 21, 2013, the company may prepay the loan at 101% of the principal amount and at 100% of the amount after Nov. 21, 2014.

PNC Capital Markets LLC and Capital One NA are joint lead arrangers and joint bookrunners.

PNC Bank NA is administrative agent, and Capital One NA is syndication agent.

Regions Bank and Suntrust Bank are documentation agents.

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