Federal Realty plans to pay down revolver with some proceeds of notes

By Wendy Van Sickle

Columbus, Ohio, Sept. 21 – Federal Realty Investment Trust plans to repay borrowings under its revolving credit facility with some proceeds of an offering of senior notes due 2021, according to a 424B5 form filed with the Securities and Exchange Commission.

On Sept. 18, Federal Realty had $250 million outstanding under its $600 million revolver. The facility bears interest at Libor plus a spread of 90 basis points, subject to adjustment based on credit rating. It matures April 21, 2017 and has a one-year extension option.

Other proceeds from the senior note offering will be used for general corporate purposes.

The real estate investment trust for retail and mixed-use buildings is based in Rockville, Md.

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