Federal Realty amends and extends revolver, upsizes to $600 million

By Susanna Moon

Chicago, April 26 - Federal Realty Investment Trust increased its unsecured revolving credit facility to $600 million and extended the maturity date to April 21, 2017, according to an 8-K filing with the Securities and Exchange Commission.

The company amended its credit agreement Monday with Wells Fargo Bank, NA as administrative agent, Wells Fargo Securities, LLC as a lead arranger and book manager and PNC Capital Markets LLC as a lead arranger and book manager. PNC Bank, NA is the syndication agent. The credit agreement is dated July 7, 2011.

Interest on the loans is initially Libor plus 100 basis points.

The spread over Libor will be reduced to 90 bps effective May 1, because the company's credit rating was recently upgraded to A- from BBB+ by Standard & Poor's, the filing noted.

The facility has a one-year extension option and an accordion feature that allows the company to expand the borrowing capacity under the facility to up to $1 billion.

The revolver size was increased from $400 million.

Federal Realty is a Rockville, Md., equity real estate investment trust.

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