Ramco-Gershenson Properties Trust Closes New $350 Million Revolving Credit Facility
September 14 2017 - 4:30PM
Ramco-Gershenson Properties Trust (NYSE:RPT) (the
“Company”) today announced that it has closed on its amended and
restated $350 million unsecured revolving credit facility.
The credit facility matures September 2021 and can be
extended one year to 2022 through two six-month options.
Borrowings on the credit facility will be priced at LIBOR plus 135
basis points maintaining the Company’s existing pricing grid.
Additionally, the facility allows for increased borrowing
capacity up to $650 million through an accordion feature.
KeyBanc Capital Markets, Inc., Deutsche Bank
Securities Inc. and PNC Capital Markets LLC, acted as Joint Lead
Arrangers, with KeyBank National Association as Administrative
Agent and Deutsche Bank Securities Inc. and PNC Capital Markets LLC
as syndication agents. Bank of America, N.A. and JPMorgan Chase
Bank, N.A. served as documentation agents. Other participants
include Capital One, N.A., BMO Harris Bank, N.A., The Huntington
National Bank, and Branch Banking and Trust Company.
"The extension of our credit facility provides
us with significant financial flexibility as we pursue both our
short and long-term business objectives," said Geoffrey Bedrosian,
Chief Financial Officer. "The new facility provides us an
attractive cost of debt capital and improves our maturity
profile. We would like to thank our bank group for their
continued support in the growth of the Company.”
ABOUT RAMCO-GERSHENSON PROPERTIES
TRUST:
Ramco-Gershenson Properties
Trust (NYSE:RPT) is a premier, national publicly-traded
shopping center real estate investment trust (REIT) based in
Farmington Hills, Michigan. The Company’s primary business is the
ownership and management of regional dominant and urban-oriented,
infill shopping centers in key growth markets in the 40 largest
metropolitan markets in the United States. At June 30, 2017, the
Company owned interests in and managed a portfolio of 64 shopping
centers, one property held for sale and two joint venture
properties. At June 30, 2017, the Company’s consolidated portfolio
was 93.7% leased. Ramco-Gershenson is a fully-integrated qualified
REIT that is self-administered and self-managed. For additional
information about the Company please visit www.rgpt.com or follow
Ramco-Gershenson on Twitter @RamcoGershenson and
facebook.com/ramcogershenson/.
This press release may contain forward-looking
statements that represent the Company’s expectations and
projections for the future. Management of Ramco-Gershenson believes
the expectations reflected in any forward-looking statements made
in this press release are based on reasonable assumptions. Certain
factors could occur that might cause actual results to vary,
including deterioration in national economic conditions, weakening
of real estate markets, decreases in the availability of credit,
increases in interest rates, adverse changes in the retail
industry, our continuing ability to qualify as a REIT and other
factors discussed in the Company’s reports filed with the
Securities and Exchange Commission.
Company Contact: Dawn L. Hendershot,
Vice President of Investor Relations and Corporate
Communications31500 Northwestern Highway, Suite
300Farmington Hills, MI
48334dhendershot@rgpt.com(248)
592-6202
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