Ramco-Gershenson amends covenants of $60 million term loan agreement

By Susanna Moon

Chicago, Aug. 30 - Ramco-Gershenson Properties Trust amended the covenants in its $60 million unsecured term loan agreement to conform them to those in its $360 million unsecured credit facility.

The company amended the credit terms Tuesday through its majority-owned operating partnership subsidiary Ramco-Gershenson Properties, LP with KeyBank NA as administrative agent and KeyBanc Capital Markets as arranger, according to an 8-K filing with the Securities and Exchange Commission.

The Huntington National Bank and PNC Bank are participating banks.

Credit facility terms

Ramco-Gershenson amended its master loan agreement with a syndicate of banks led by KeyBanc Capital Markets on July 19, as previously reported, replacing the company's $250 million credit facility with a $360 million credit facility.

The new facility comprises a $240 million revolving line of credit with a four-year term and one-year extension option and a $120 million term loan that matures on July 19, 2017.

The facility can be upsized to $450 million through an accordion feature.

Borrowings are priced at Libor plus 165 basis points to Libor plus 225 bps, based on the company's leverage ratio.

JPMorgan Chase Bank, NA and Bank or America, NA are co-syndication agents, and Deutsche Bank Securities Inc. and PNC Bank, NA are co-documentation agents for the restated facility. Other participating banks include RBS Citizens, NA, Capital One, NA, Huntington National Bank, Comerica Bank and Branch Banking and Trust Co.

Ramco-Gershenson is a real estate investment trust based in Farmington Hills, Mich. Its primary business is the ownership and management of shopping centers.

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