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Retail Properties of America Inc Announces Closing Of $1 Billion Unsecured Credit Facility


Wednesday, 15 May 2013 08:30am EDT 

Retail Properties of America Inc announced the closing of a $1 billion amended and restated credit facility, increasing total capacity by $350 million. The amended and restated facility (the Facility) is comprised of a $450 million unsecured term loan and a $550 million unsecured revolver. The current interest rate on the unsecured revolver decreased 50 bps to LIBOR plus 1.50% per annum and the current interest rate on the unsecured term loan decreased 55 bps to LIBOR plus 1.45% per annum. The improvement in pricing is due to a reduction in the applicable margin across all tiers of the leverage grid as well as a migration to the lowest tier of the leverage grid. The movement within the leverage grid is the result of a reduction in the capitalization rate that is used to determine asset value under the Facility, from 7.50% to 7.25%. The maturity dates on the Facility were extended by over two years, to May 2018 for the unsecured term loan and May 2017 for the unsecured revolver. The Company will have the option to extend the maturity of the unsecured revolver for one additional year to 2018, which it may exercise, subject to continued compliance with the terms of the Facility and the payment of an extension fee of 0.15%, a 10 bps reduction from the previous facility. The Facility includes an accordion feature that allows the Company to increase the total potential capacity of the Facility up to $1.45 billion, subject to certain conditions. 

Company Quote

16.61
0.04 +0.24%
18 Dec 2014