Retail Opportunity amends facilities to provide for waiver period

By Sarah Lizee

Olympia, Wash., Aug. 4 – Retail Opportunity Investments Corp. and Retail Opportunity Investments Partnership, LP amended its revolving and term loan credit agreements with KeyBank NA as administrative agent on July 29 to provide for a waiver period, according to an 8-K filing with the Securities and Exchange Commission.

During a waiver period beginning on June 30 and lasting through and including March 31, 2021, the minimum economic occupancy threshold will be reduced to 50% from 70% for properties contributing to the unencumbered asset pool value.

The facilities were also amended to include a financial covenant that the liquidity amount will not be less than $150 million at any time during the waiver period.

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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