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Retail Properties of America Closes $1.1B Unsecured Credit Facility
Oak Brook, IL-based Retail Properties of America, Inc. (RPAI) closed on a $1.1-billion amended and restated unsecured credit facility. That included increasing the capacity on the existing unsecured revolver by $100 million to $850 million.
The company also set pricing, which is based on the company’s leverage, at LIBOR plus 105 basis points, a 30 basis point improvement from the previous rate on the $850-million revolver. The maturity date of that revolver was extended to April 22, 2022 from January 5, 2020, and two six-month extension options were retained.
For a $250-million unsecured term loan due in 2021, the REIT set pricing at LIBOR plus 120 basis points, a 10 basis point improvement from the previous rate, and retained the maturity date of January 5, 2021. RPAI also repaid the remaining $100 million unsecured term loan that matures on May 11, 2018.
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