Empire State Realty Trust Announces New $850 Million Unsecured Revolving Credit Facility
March 31 2021 - 4:15PM
Business Wire
Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), a
leading real estate investment trust with office and retail
properties in Manhattan and the greater New York metropolitan area,
today announced that it has closed on an $850 million, four-year
unsecured revolving credit agreement with a group of financial
institutions. The new unsecured facility, which has an initial
maturity of March 31, 2025 that can be extended by two, six-month
periods at the Company’s option, will replace the Company’s
existing undrawn revolving credit facility that was scheduled to
mature on August 29, 2021. In addition, the facility has a
sustainability-linked pricing mechanism that reduces the borrowing
spread if certain benchmarks are achieved each year.
“We are pleased to close on our new four-year revolving credit
facility that maintains our robust liquidity position and extends
our balance sheet flexibility,” said Christina Chiu, Empire State
Realty Trust’s Executive Vice President and Chief Financial
Officer. “The strong execution reinforces the lenders’ views of
ESRT as an experienced, well-capitalized owner and operator of
quality assets and ESRT’s ability to access the capital
markets.”
The new unsecured revolving credit facility was arranged by BofA
Securities, Inc., Wells Fargo Securities, LLC, Capital One,
National Association, JPMorgan Chase Bank, N.A., and U.S. Bank
National Association as Joint Lead Arrangers. Bank of America, N.A.
is the Administrative Agent. U.S. Bank National Association is the
Documentation Agent. Bank of Montreal and Goldman Sachs Bank USA
are Senior Managing Agents. Other lenders include KeyBank National
Association and Morgan Stanley Senior Funding, Inc.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) owns, manages,
operates, acquires and repositions office and retail properties in
Manhattan and the greater New York metropolitan area, including the
Empire State Building, the “World's Most Famous Building.” The
company's office and retail portfolio covers 10.1 million rentable
square feet, as of Dec. 31, 2020, which consists of 9.4 million
rentable square feet across 14 office properties, including nine in
Manhattan, three in Fairfield County, Connecticut, and two in
Westchester County, New York; as well as approximately 700,000
rentable square feet in the retail portfolio.
Empire State Realty Trust is a leader in energy efficiency in
the built environment and sustainability space, with 76 percent of
the eligible portfolio ENERGY STAR certified and 100 percent fully
powered by renewable wind electricity. As the first commercial real
estate portfolio in the Americas to achieve the evidence-based,
third-party verified WELL Health-Safety Rating for health and
safety, ESRT additionally earned the highest possible GRESB 5 Star
Rating and Green Star recognition for sustainability performance in
real estate and was named a Fitwel Champion for healthy,
high-performance buildings. To learn more about Empire State Realty
Trust, visit empirestaterealtytrust.com and follow ESRT on
LinkedIn, Instagram, Twitter and Facebook for all of the latest
announcements.
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