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Brixmor to repay $297 million of revolver debt via new notes issue
By Susanna Moon
Chicago, July 30 – Brixmor Operating Partnership LP plans to repay its outstanding debt under its $1.25 billion unsecured revolving credit facility using proceeds of a new senior notes offering, according to a 424B5 filing with the Securities and Exchange Commission.
As of June 30, there was about $297 million drawn under the revolver, and the variable interest rate was 1.69%. The maturity date is July 31, 2017, with a one-year extension option.
The company said it intends to use substantially all of the proceeds from the notes offering to repay the revolver debt, and the rest will be used for general corporate purposes.
Brixmor Operating is a subsidiary of New York-based Brixmor Property Group Inc., an internally managed real estate investment trust that owns and operates a wholly owned portfolio of grocery-anchored community and neighborhood shopping centers.
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