Federal Realty to pay down revolver with proceeds from note offering

By Sarah Lizee

Olympia, Wash., Sept. 25 – Federal Realty Investment Trust plans to reduce amounts under its $800 million revolving credit facility due April 20, 2020 using proceeds from an offering of series C cumulative redeemable preferred shares, according to a 424B5 filing with the Securities and Exchange Commission.

The revolver contains two six-month extension options and an accordion that allows upsizing the facility to $1.5 billion.

Loans under the facility bear interest at Libor plus 82.5 basis points.

As of Sept. 22, the company had $225 million borrowed on the revolver.

Proceeds will also be used for general corporate purposes.

The real estate investment trust is based in Rockville, Md.

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