Kite Realty gets commitment for $1.1 billion bridge loan for merger

Chicago, July 19 – Kite Realty Group Trust has obtained a commitment for a $1.1 billion term loan bridge facility in relation to its strategic merger with Retail Properties of America, Inc., according to a press release.

Under the definitive merger agreement, Retail Properties would merge into a subsidiary of Kite Realty.

At closing, the combined company is expected to have a total enterprise value of $7.5 billion and an equity market capitalization of $4.6 billion. The merger is an all-stock transaction.

Kite Realty is assuming all Retail Properties debt and has obtained the commitment for the bridge facility in the event certain debt consents cannot be obtained before closing.

The transaction is expected to close during the fourth quarter, subject to customary closing conditions.

Kite Realty is an Indianapolis-based real estate investment trust focused on neighborhood and community shopping centers. Retail Properties of America is an Oak Brook, Ill.-based real estate investment trust.

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