OAK BROOK, Ill., July 8, 2021 /PRNewswire/ -- Retail
Properties of America, Inc. (NYSE: RPAI) (the
"Company") today announced the closing of the amendment
and extension of its $850.0 million
unsecured revolving line of credit (Unsecured Revolving Line of
Credit).
This Unsecured Revolving Line of Credit amendment and
extension:
- Maintains the Company's existing borrowing capacity of
$850.0 million;
- Expands the available accordion feature, enabling the Company
to increase borrowing capacity by up to $750.0 million to a total of $1.6 billion, subject to lender approval;
- Maintains existing financial covenants as well as the 6.50%
capitalization rate used to calculate certain financial
covenants;
- Incorporates a sustainability metric, based on targeted
greenhouse gas emission reductions, which permits the Company to
reduce the applicable grid-based spread by one basis point annually
upon attainment;
- Maintains existing leverage-based grid pricing;
- Improves ratings-based grid pricing by 10-15 basis points from
the previous ratings-based grid across various points on the
investment grade ratings spectrum;
- Extends the maturity date from April 22,
2022 to January 8, 2026;
and
- Includes retention of two six-month extension options,
exercisable at the Company's sole election.
KeyBanc Capital Markets Inc., Wells Fargo Securities, LLC,
Capital One, National Association, PNC Capital Markets LLC, Regions
Capital Markets and TD Bank, N.A. served as co-lead arrangers, with
KeyBank National Association serving as administrative agent and
Wells Fargo Bank, National Association serving as syndication
agent. Bank of America, N.A., The Bank of Nova Scotia, Citibank, N.A., and U.S. Bank
National Association served as documentation agents.
ABOUT RPAI
Retail Properties of America, Inc. is a
REIT that owns and operates high quality, strategically located
open-air shopping centers, including properties with a mixed-use
component. As of March 31, 2021, the
Company owned 102 retail operating properties in the United States representing 19.9 million
square feet. The Company is publicly traded on the New York Stock
Exchange under the ticker symbol RPAI. Additional information about
the Company is available at www.rpai.com.
CONTACT INFORMATION
Michael Gaiden
Senior Vice President – Finance
Retail Properties of America,
Inc.
(630) 634-4233
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SOURCE Retail Properties of America, Inc.