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Weingarten Realty Investors to repay credit facility with new notes
By Wendy Van Sickle
Columbus, Ohio, May 7 – Weingarten Realty Investors plans to use proceeds from the sale of new notes to repay part of the outstanding debt under its revolving credit facility, according to a Thursday filing with the Securities and Exchange Commission.
As of May 6, the company had $105 million borrowed on its $500 million revolver at a weighted average interest rate of 1.57%. The borrowed money was spent on working capital, repayment of maturing debt and the acquisition, development and redevelopment of shopping centers.
As previously announced, Weingarten will redeem all of its 6.5% series F cumulative redeemable preferred shares of beneficial interest on May 8. It said the $151.4 million redemption price will be funded through existing resources and may include any or a combination of cash on hand and revolver borrowings.
Wells Fargo Securities, BofA Merrill Lynch, Jefferies and J.P. Morgan are the bookrunners on the new notes.
Weingarten is a shopping center owner, manager and developer based in Houston.
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