Ramco-Gershenson Properties Trust Announces Closing of Debt Transactions
December 21 2017 - 3:15PM
Ramco-Gershenson Properties Trust (NYSE:RPT) (the
“Company”) announced today that it closed a $75 million private
placement of senior unsecured notes. The notes were issued in three
tranches with terms of 5, 10, and 12 years and a weighted average
interest rate of 4.46%. Proceeds will be used to pay off
without penalty two existing mortgages and for general corporate
purposes.
In addition, during the quarter, the Company
amended and repriced its $75 million term loan due 2021. The
transaction reduced the loan’s interest rate by 35 basis points for
the remainder of the term. The transaction was led by Capital
One, National Association.
“We are very happy with the execution of these
transactions and the ability to expand our investor base and
duration,” said Geoff Bedrosian, Chief Financial Officer. “We
continue to capitalize on attractive debt pricing, maximize
liquidity, and enhance financial flexibly to support our long term
growth objectives by remaining an unsecured borrower.”
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
September 30, 2017, the Company owned interests in and managed a
portfolio of 60 shopping centers and two joint venture properties.
At September 30, 2017, the Company’s consolidated portfolio was
93.0% 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,
Senior Vice President of Investor Relations and
Public Affairs31500 Northwestern Highway, Suite
300Farmington Hills, MI
48334dhendershot@rgpt.com(248)
592-6202
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