Retail Opportunity Investments amends revolver, term loan

By Mary-Katherine Stinson

Lexington, Ky., March 7 – Retail Opportunity Investments Corp., as parent guarantor, and Retail Opportunity Investments Partnership, LP, the operating partnership subsidiary of the company, as borrower amended its revolving credit agreement and term loan agreement on March 2, according to an 8-K filing with the Securities and Exchange Commission.

The third amendment extends the initial maturity date of the revolving credit agreement to March 2, 2027.

It also transitions the interest rate to SOFR and implements a sustainability metric pricing grid.

The regular grid is SOFR plus 72.5 bps to 140 bps. There is 10 bps CSA.

The facility fee rate is 12.5 bps to 30 bps.

For the term loan, the third amendment also adopts SOFR as the benchmark rate and adjusts the pricing grid.

Pricing is SOFR plus 85 bps to 165 bps, also plus 10 bps CSA.

KeyBank NA is the administrative agent, swingline lender and letter of credit issuer. PNC Bank NA and U.S. Bank NA are the co-syndication agents for the revolving credit facility.

KeyBank NA is the administrative agent. BMO Capital Markets and Regions Bank are the co-syndication agents. Capital One, NA is the documentation agent for the term loan facility.

San Diego-based Retail Opportunity is a self-managed real estate investment trust focusing on the acquisition, ownership and management of necessity-based community and neighborhood shopping centers that are anchored by national or regional supermarkets and drugstores.

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