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Retail Opportunity extends two facilities, reduces borrowing rates
By Sarah Lizee
Olympia, Wash., Dec. 23 – Retail Opportunity Investments Corp. amended and extended its $600 million credit facility, extending the maturity date to February 2024 and reducing the borrowing rate down to Libor plus 90 basis points, according to a press release.
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.
Additionally, the company amended and extended its $300 million term loan, extending the maturity date to January 2025 and reducing the borrowing rate to Libor plus 100 bps.
The accordion feature provision, which allows the company to increase the facility amount by an additional $200 million, was maintained.
The credit facility’s banking group included KeyBanc Capital Markets, Inc., PNC Capital Markets LLC and U.S. Bank, NA as joint lead arrangers, with KeyBank NA as administrative agent, swingline lender and letter-of-credit issuer. Other participants included Bank of America, NA, BMO Harris Bank, NA, Capital One, NA, Citibank, NA, JPMorgan Chase Bank, NA, Regions Bank and Wells Fargo Bank, NA.
The term loan’s banking group included KeyBanc, BMO and Regions Capital Markets as joint lead arrangers, with KeyBank as administrative agent and Capital One as documentation agent. Other participants included Bank of America, Citibank, JPMorgan, PNC Bank, U.S. Bank and Wells Fargo.
Retail Opportunity is a San Diego-based self-managed real estate investment trust focusing on the acquisition, ownership and management of necessity-based community and neighborhood shopping centers that are anchored by national or regional supermarkets and drugstores.
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