JACKSONVILLE, FL--(BUSINESS
WIRE)-- Regency Centers Corporation (“Regency” or the “Company”) (NYSE: REG)
announced an amendment (the “Amendment”) to its existing senior unsecured term
loan facility (the “Facility”).
The Amendment increased the Facility size by
$100 million to $265 million, extended the maturity date to January 5, 2022 and
reduced the applicable interest rate to LIBOR plus 0.95% per annum, which is
based on the Company’s credit rating.
Simultaneous with closing, Regency executed
interest rate swaps for the full notional amount of the Facility, which fixes
the interest rate at 2.00% through maturity.
Regency used the
additional $100 million to pay down its line of credit, which was utilized as a
component of the Company’s funding of the previously announced acquisition of
Market Common Clarendon. The Company’s line of credit now has a balance of
zero.
The Facility was
syndicated to a group of eleven banks led by Wells Fargo Securities, LLC,
Regions Capital Markets, SunTrust Robinson Humphrey, Inc. and U.S. Bank
National Association acting as Joint Lead Arrangers.
Wells Fargo Bank, National
Association will be the administrative agent for the Facility. Regions Bank,
SunTrust Bank and US Bank National Association were the syndication agents.
Branch Banking and Trust Company and PNC Bank, National Association acted as
documentation agents.
Other participants in the Facility include Bank of
America, N.A., JPMorgan Chase Bank, N.A., Royal Bank of Canada, Sumitomo Mitsui
Banking Corporation and Mizuho Bank.
For a complete copy of the company’s news
release, please contact:
Regency Centers Corp.
Patrick Johnson,
904-598-7422
No comments:
Post a Comment