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Retail Properties gets commitments for $1.2 billion restated facility
By Marisa Wong
Morgantown, W.Va., Dec. 21 – Retail Properties of America, Inc. said it has obtained binding commitments for a $1.2 billion amended and restated unsecured credit facility.
The funding is expected to close in January, according to a press release.
Upon funding, the company’s existing unsecured credit facility will be amended and restated to a $750 million unsecured revolver, a $200 million unsecured term loan and a $250 million unsecured term loan.
Specifically, the company will increase the capacity on the revolver by $200 million to $750 million and set pricing, based on the company’s leverage, at Libor plus 135 basis points, which is a 15-bps decrease from the previous rate.
The maturity date of the revolver will be extended to four years from the funding date, from May 12, 2017. The company will also procure two additional six-month option periods.
The $200 million term loan is a reduction of the company’s existing $250 million term loan. Pricing, based on leverage, will be maintained at Libor plus 145 bps. The maturity date is still May 11, 2018, but the company will add two additional one-year option periods.
In addition, the company will create a new $250 million term loan, proceeds of which will be used to reduce the loan amount on the existing term loan just described.
Pricing for the new five-year term loan will be based on leverage and will be set at Libor plus 130 bps.
Wells Fargo Securities, LLC, KeyBanc Capital Markets Inc., U.S. Bank NA, PNC Capital Markets LLC and Regions Capital Markets are the co-lead arrangers, with KeyBank, NA as administrative agent and Wells Fargo Bank, NA as syndication agent. U.S. Bank NA, PNC Capital Markets LLC, Regions Capital Markets, Bank of America, NA, Citibank, NA, Bank of Nova Scotia, Capital One, NA, Deutsche Bank AG, New York Branch and Morgan Stanley are documentation agents.
The company is an Oak Brook, Ill.-based real estate investment trust.
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