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Chicago & Midwest  + Illinois  + Retail  | 

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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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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