Ramco-Gershenson restates $350 million revolving facility through 2021

By Wendy Van Sickle

Columbus, Ohio, Sept. 14 – Ramco-Gershenson Properties Trust closed its amended and restated four-year $350 million revolving credit facility, according to a press release.

The maturity date may extended a year to 2022 through two six-month extension options.

Borrowings bear interest at Libor plus 135 basis points, maintaining the company’s existing pricing grid.

An accordion feature allows the revolver to be expanded up to a total of $650 million.

KeyBanc Capital Markets, Inc., Deutsche Bank Securities Inc. and PNC Capital Markets LLC acted as joint lead arrangers, with KeyBank NA as administrative agent and Deutsche Bank Securities Inc. and PNC Capital Markets LLC as syndication agents. Bank of America, NA and JPMorgan Chase Bank, NA served as documentation agents.

“The extension of our credit facility provides us with significant financial flexibility as we pursue both our short and long-term business objectives,” Geoffrey Bedrosian, chief financial officer of Ramco-Gershenson, said in the release. “The new facility provides us an attractive cost of debt capital and improves our maturity profile.”

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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