Wheeler Real Estate Investment Trust, Inc. Announces Terms of KeyBank Credit Agreement
December 21 2017 - 5:35PM
Wheeler Real Estate Investment Trust, Inc.
(NASDAQ:WHLR) (“Wheeler” or the “Company”) today announced
that on December 21, 2017 the Company entered into an Amended and
Restated Credit Agreement (“Credit Agreement”) with KeyBank
National Association (“KeyBank”). The Credit Agreement provides for
an increase in borrowing capacity from $50 million to $52.5 million
and also increases the accordion feature by $50 million to $150
million. Additionally, the Credit Agreement provides for an
extension of the requirement to reduce the current outstanding
borrowings under the facility from approximately $68 million to
$52.5 million or below by July 1, 2018. The revolving facility will
mature on December 21, 2019, but may be extended at the Company’s
option for an additional one-year period, subject to certain
customary conditions. The interest rate on the facility remains the
same at LIBOR plus 250 basis points based on our current
consolidated leverage ratio.
Jon Wheeler, Chairman and CEO, stated; “We
continue to appreciate the support of our partners at
KeyBank. We were able to execute on the previous commitment
letter terms, including the backfill of previously announced vacant
anchor space, which we discussed during our third quarter
conference call in November. We believe the extension of the
loan maturity and the increase of the facility demonstrate the
growing strength of our relationship with KeyBank. We will
continue to work on the refinancing of certain assets off the line
and are confident in meeting the July 2018 deadline.”
About Wheeler Real Estate Investment
Trust Inc.
Headquartered in Virginia Beach, VA, Wheeler
Real Estate Investment Trust, Inc. 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 Real Estate
Investment Trust, Inc. can be found at the Company’s corporate
website: www.whlr.us
Forward Looking StatementThis
press release may contain “forward-looking” statements as defined
in the Private Securities Litigation Reform Act of 1995. When the
Company uses words such as “may,” “will,” “intend,” “should,”
“believe,” “expect,” “anticipate,” “project,” “estimate” or similar
expressions that do not relate solely to historical matters, it is
making forward-looking statements. The Company’s expected results
may not be achieved, and actual results may differ materially from
expectations. Specifically, the Company’s statements regarding the
Company’s ability to reduce the outstanding borrowings under the
facility from $68 million to $52.5 million by July 1, 2018 are
forward-looking statements. Forward-looking statements are not
guarantees of future performance and are subject to risks,
uncertainties and other factors, some of which are beyond our
control, are difficult to predict and could cause actual results to
differ materially from those expressed or forecasted in the
forward-looking statements. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors that could cause the Company’s actual results to differ
materially from those expressed or forecasted in forward-looking
statements are discussed in the Company's filings with the U.S.
Securities and Exchange Commission, which are available for review
at www.sec.gov. The Company undertakes no obligation to publicly
revise these forward‐looking statements to reflect events or
circumstances that arise after the date hereof.
CONTACT:
Wheeler Real Estate Investment Trust,
Inc.
Wilkes
Graham
Chief Financial
Officer
(757) 627-9088
Wilkes@whlr.us
Laura
Nguyen
Director of Investor
Relations
(757) 627-9088 Laura@whlr.us
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