KeyBank served as administrative agent and lead arranger on Westwood Financial’s inaugural $95 million revolving credit facility. Mizuho Bank, City National Bank and First Financial Bank serve as participating lenders.The inaugural facility matures in December 2022, with two one-year extension options. Based upon the leverage levels at closing, the interest rate under the revolving facility is LIBOR plus 185 basis points. The facility also has an accordion feature that allows for borrowing capacity of up to $300 million.
“The new facility provides Westwood the unique ability as a private company to acquire assets on an all-cash basis, to more efficiently utilize its treasury management function, and to achieve a lower-cost and more flexible form of debt capital than the firm previously had access to,” Mark Bratt, Westwood Financial’s CEO said. “Additionally, the facility reinforces our balance street strength and the conviction in high-quality retail investments.”
Westwood Financial owns more than 70 community shopping centers, primarily-anchored by grocers and service and experience-based tenants.