Ramco-Gershenson extends $60 million term loan to 2023, fixes interest

By Wendy Van Sickle

Columbus, Ohio, March 8 – Ramco-Gershenson Properties Trust entered into an agreement to extend its $60 million unsecured term loan to March 3, 2023, according to a Tuesday press release.

The loan had previously been set to mature Sept. 30, 2018.

The refinanced loan has an accordion feature allowing up to $125 million of total borrowings, subject to lender approval.

The company entered into an interest rate swap agreement that effectively fixed interest at 3.49% through the term loan’s maturity.

Banks participating in the financing are KeyBank NA, Huntington National Bank and BB&T.

“We continue to proactively refinance our debt maturities with unsecured long term financing at attractive fixed-rate interest rates,” Ramco-Gershenson chief financial officer Geoffrey Bedrosian said in the release. “The early extension of the term loan lengthens our average term of debt to 6.7 years. We continue to have access to attractively priced capital, which is instrumental to our goal of maintaining a strong, flexible balance sheet.”

Farmington Hills, Mich.-based Ramco-Gershenson is a self-administered, publicly traded real estate investment trust.

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