Regency Centers Increases Funding Capacity with New Credit Agreement

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) has entered into a Credit Agreement for a new credit facility in the amount of $341,500,000 for a term of 36 months, with the ability to increase the facility to an amount not to exceed $400,000,000.


The facility is composed of a term loan in the amount of $227,666,667 and a revolving credit facility in the amount of $113,833,333. The Company now has bank credit facilities that total $941.5 million.

The interest rate on the facility is equal to LIBOR plus a margin that is determined in accordance with the Company's long-term unsecured debt ratings. At the time of the closing, the effective interest rate was LIBOR plus 105 basis points for the term loan portion and LIBOR plus 90 basis points for the revolving portion.

Martin E. "Hap" Stein, Jr. (photo top right), Chairman and CEO, said, "This new facility, combined with the Company's existing $600 million credit facility and $1.3 billion of capacity in our co-investment partnerships gives Regency access to approximately $2.2 billion of capital."


Wells Fargo Bank, National Association, was Sole Lead Arranger and Administrative Agent. Wachovia Bank, National Association, was Syndication Agent and JPMorgan Chase Bank, N.A. and Regions Bank were Documentation Agent. Remaining lenders for the new Credit Agreement were PNC Bank, N.A., Sumitomo Mitsui Banking Corporation, SunTrust Bank, Bank of America, N.A., Comerica Bank and The Bank of Ireland.

Regency Centers Corporation (NYSE:REG)

Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. At December 31, 2007, the Company owned 451 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 59.2 million square feet located in top markets throughout the United States.


Since 2000 Regency has developed 187 shopping centers, including those currently in-process, representing an investment at completion of nearly $3.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.


Contact:
Regency Centers Corporation, Jacksonville, FL
Lisa Palmer,
904-598-7636
http://www.regencycenters.com/