Wheeler Real Estate Investment Trust, Inc. Secures $45 Million Credit Facility with KeyBank
June 01 2015 - 8:30AM
Business Wire
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
(“Wheeler” or the “Company”) announced today that it has secured a
$45 million revolving credit facility with KeyBank National
Association. The Company expects primarily to use the facility to
acquire select grocery-anchored properties located in its targeted
secondary and tertiary markets throughout the Northeast,
Mid-Atlantic, Southeast, and Southwest regions of the United
States. The new facility will replace the Company’s previous $25
million secured guidance credit facility with KeyBank which was set
to expire December 31, 2015.
The revolver, led by KeyBanc Capital Markets as Arranger, will
initially provide the ability to borrow up to $45 million, with
KeyBank National Association providing the full commitment. The
facility includes a provision that under certain conditions allows
for expansion of the facility to a maximum of $100 million through
syndication with other lenders.
Jon S. Wheeler, Chairman and Chief Executive Officer of Wheeler,
commented, “Now is an exceptional time in our targeted secondary
and tertiary markets to acquire assets at a discount to replacement
costs. This new credit facility increases our base of capital at
favorable interest rates which allows us to take further advantage
of the available pipeline of ‘necessity-based’ grocery anchored
shopping centers located in these markets. We are pleased to be
working again with KeyBank.”
About Wheeler Real Estate Investment
Trust Inc.
Headquartered in Virginia Beach, VA, Wheeler is a
fully-integrated, self-managed commercial real estate investment
company focused on acquiring and managing income-producing retail
properties with a primary focus on grocery-anchored centers.
Wheeler’s portfolio contains well-located, potentially dominant
retail properties in secondary and tertiary markets that generate
attractive risk-adjusted returns, with a particular emphasis on
grocery-anchored retail centers.
Additional information about Wheeler can be found at the
Company’s corporate website: www.whlr.us.
Forward-Looking
Statement
Wheeler considers portions of the information in this press
release to be forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, both as amended. Words such as
"anticipate," "estimate," "expect," "intend," "plan," "confident,"
"prospects" and "project" and other similar words and expressions
are intended to signify forward-looking statements. Specifically,
any references to the Company’s ability to identify and utilize the
credit line referenced herein to purchase such properties are
forward-looking statements. Forward-looking statements are not
guarantees of future results and conditions but rather are subject
to various risks and uncertainties. Some of these risks and
uncertainties are identified in the company's filings with the
Securities and Exchange Commission, which are available for review
at www.sec.gov. Should any risks or uncertainties develop into
actual events, these developments could have material adverse
effects on the Company's business, financial condition and results
of operations. Wheeler disclaims all obligations to update any
forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20150601005384/en/
Wheeler Real Estate Investment Trust
Inc.Robin Hanisch, (757) 627-9088Corporate
Secretaryrobin@whlr.usorLaura Nguyen, (757) 627-9088Director of
Capital Marketslnguyen@whlr.usorINVESTOR RELATIONS:The Equity Group Inc.Terry Downs, (212)
836-9615Associatetdowns@equityny.comorAdam Prior,
(212)836-9606Senior Vice-Presidentaprior@equityny.com
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