Federal Realty lowers pricing on term loan, adds extension option

By Angela McDaniels

Tacoma, Wash., Sept. 2 – Federal Realty Investment Trust amended its $275 million term loan on Thursday to lower the interest rate to Libor plus a margin that ranges from 90 basis points to 190 bps, according to an 8-K filing with the Securities and Exchange Commission.

The exact margin depends on the company’s credit ratings.

The amendment also gives the trust the option to extend by one year the maturity date, which is currently Nov. 21, 2018. The company would have to pay a 0.1% fee in order to exercise this option.

PNC Bank, NA is the administrative agent.

Federal Realty is a real estate investment trust for retail and mixed-use buildings. It is based in Rockville, Md.

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