Retail Opportunity gets $300 million term loan at Libor plus 110 bps

By Tali Rackner

Norfolk, Va., Sept. 30 – Retail Opportunity Investments Corp. said it closed on a new $300 million unsecured term loan, according to a press release.

The new loan has an initial maturity date of Jan. 31, 2019, with two one-year extension options, and features a $200 million accordion feature.

Interest is equal to Libor plus 110 basis points.

Proceeds were used to reduce borrowings outstanding under the company’s unsecured revolving credit facility.

KeyBanc Capital Markets Inc. and U.S. Bank NA are the joint lead arrangers on the deal.

Retail Opportunity is a San Diego-based 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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