KeyBank, Others Up Phillips Edison-ARC Facility to $300MM
Phillips EdisonARC Shopping Center REIT announced that it received additional commitments totaling $145 million to its syndicated senior secured revolving credit facility, agented by KeyBank. Additional banks in the syndicate of lenders include Bank of America, Union Bank, JPMorgan Chase, U.S. Bank, Wells Fargo, PNC Bank and Deutsche Bank A.G.
The additional commitments have increased the total amount available to the company from $120 million to $265 million, subject to the terms and conditions of the facility.
The company also announced that the accordion feature, which allows the company to further expand the capacity of the credit facility, increased from $250 million to $300 million. This credit facility may be used in conjunction with the existing $10 million unsecured line of credit the company closed with KeyBank in July 2012.
The company currently has $100.9 million drawn on the facility at an effective rate of 2.45%, and will use the increased capacity of the credit facility to finance the acquisition of well-occupied grocery-anchored neighborhood shopping centers having a mix of national, credit-worthy retailers selling necessity-based goods and services in strong demographic markets throughout the United States.
Phillips Edison-ARC Shopping Center REIT is a public non-traded REIT that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services.
Previously on abfjournal.com:
KeyBank Increases Phillips Edison-ARC Revolver, Monday, January 21, 2013