Regency Centers extends term loan, increases size to $165 million

By Jennifer Chiou

New York, July 1 – Regency Centers Corp. entered into an amendment to its senior term loan facility led by Wells Fargo Securities, LLC, lifting the size to $165 million and extending the maturity date to June 27, 2019, according to an 8-K filing with the Securities and Exchange Commission.

The company also cut interest to Libor plus 115 basis points.

Following the amendment, there is an unused fee of 20 bps per year on any remaining delayed draw commitment.

As of the end of June, borrowings amount to $75 million, and the company has until Aug. 31, 2015 to elect to borrow up to an additional $90 million.

Proceeds will be used for general corporate purposes, including funding development and redevelopment programs and repaying maturing debt.

Wells Fargo Bank, NA is the administrative agent with PNC Bank, NA as syndication agent.

Regency is a Jacksonville, Fla.-based owner, operator and developer of dominant grocery-anchored and community shopping centers.

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