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Retail Properties of America closes on $1.1 billion credit facility
New York, April 23 – Retail Properties of America, Inc. closed on a $1.1 billion amended and restated unsecured credit facility, according to a news release.
The facility includes an $850 million revolving line of credit due April 22, 2022 with two six-month extension options and a $250 million term loan due Jan. 5, 2021.
The revolver currently carries interest a Libor plus 105 basis points, a rate that varies with the company’s leverage.
The amendment increased the size of the revolver by $100 million, extends the maturity from Jan. 5, 2020 previously and cuts interest by 30 bps.
Retail Properties’ term loan carries interest at Libor plus 120 bps, a 10 bps reduction, and matures on Jan. 5, 2021, unchanged from previously.
A $100 million term loan due May 11, 2018 was repaid.
Also as part of the amendment, the capitalization rate used to calculate some of the financial covenants was set at 6.5%, a 25 bps improvement from previously.
Retail Properties said the change in the capitalization rate reflected the completion of the transformation of its portfolio and the improved quality.
Wells Fargo Securities, LLC, KeyBanc Capital Markets Inc., U.S. Bank NA, PNC Capital Markets LLC, Capital One, NA and Regions Capital Markets were co-lead arrangers. KeyBank NA is administrative agent and Wells Fargo Bank, NA is syndication agent. U.S. Bank NA, PNC Capital Markets LLC, Regions Bank, Capital One, NA, Bank of America, NA, Citibank, NA, Bank of Nova Scotia, TD Bank, NA and Morgan Stanley Senior Funding, Inc. are documentation agents.
Retail Properties is an Oak Brook, Ill. owner and operator of shopping centers.
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