Weingarten draws down remaining $482 million from revolving facility

Chicago, March 23 – Weingarten Realty Investors, “given these perilous and difficult times,” has drawn down the remaining $482 million available under the company’s revolving credit facility, according to a notice.

The company has net debt to EBITDAre of 5.17x as of year-end 2019; however, the company wishes to increase liquidity and preserve financial flexibility as regards the ongoing Covid-19 pandemic.

The company is withdrawing its 2020 guidance. Through February, operating results and rental payments were in line with the company’s expectations.

However, in interfacing “with tenants, it is clear that there is much uncertainty as to the economic impact of the pandemic,” the company said.

Weingarten is a shopping center owner, manager and developer based in Houston.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.