Regency Centers gets $300 million term loan, increases revolving facility to $1 billion

By Wendy Van Sickle

Columbus, Ohio, March 2 – Regency Centers Corp. closed a new $300 million senior unsecured term loan on Thursday and increased its revolving loan facility to $1 billion from $800 million, according to an 8-K filing with the Securities and Exchange Commission.

The new loan term loan comes on the heels of Equity One, Inc.’s merger Wednesday into Regency and will be used to pay down Regency’s revolving credit facility, which was used to repay a 2015 Equity One credit agreement.

Wells Fargo Securities LLC, PNC Capital Markets LLC and U.S. Bank NA acted as lead arrangers and bookrunners for the new loan. Wells Fargo Bank NA acted as administrative agent. Syndication agents were PNC Bank, NA and U.S. Bank, and TD Bank, NA was the documentation agent.

Initially the term loan’s interest is Libor plus a margin of 95 basis points. The margin can range from 90 bps to 175 bps, based on the company’s debt ratings.

The term loan matures on Dec. 2, 2020 and may be prepaid at any time.

Under the fifth amendment to the revolver with Wells Fargo as administrative agent, in addition to upsizing the facility size the company reset the accordion to allow the company to request up to an additional $500 million of capacity.

Regency is an owner and operator of retail shopping centers and is based in Jacksonville, Fla.

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