Retail Opportunity Investments amended its $600 million credit facility, extending the maturity date to February 2024 and reducing the borrowing rate to LIBOR plus 0.9%.
Existing provisions to extend the maturity date for two consecutive six-month periods and an accordion feature, which allows the company to increase the facility amount by an additional $600 million, were maintained.
ROIC also amended its $300 million unsecured term loan, extending the maturity date to January 2025 and reducing the borrowing rate to LIBOR plus 1%. The accordion feature provision, which allows the Company to increase the facility amount by an additional $200 million, was maintained.
“By extending out the maturity dates on our credit line and term loan, we now have no meaningful debt scheduled to mature during the next four years. Looking out further, our debt maturity schedule is well-laddered. Accordingly, we continue to maintain our long-standing, strong and flexible financial position,” said Michael B. Haines, Retail Opportunity Investments CFO. _x000D_
The facility’s banking group included KeyBanc Capital Markets, PNC Capital Markets and U.S. Bank as joint lead arrangers, with KeyBank as administrative agent, swing line lender and l/c issuer. Other participants included Bank of America, BMO Harris Bank, Capital One, Citibank, JPMorgan Chase Bank, Regions Bank and Wells Fargo Bank.
The term loan’s banking group included KeyBanc Capital Markets, BMO Capital Markets and Regions Capital Markets as joint lead arrangers, with KeyBank National as administrative agent and Capital One as documentation agent. Other participants included Bank of America, Citibank, JPMorgan Chase Bank, PNC Bank, U.S. Bank and Wells Fargo Bank.
