Weingarten to repay some revolver borrowings with new note proceeds

By Tali Rackner

Norfolk, Va., Aug. 2 – Weingarten Realty Investors plans to repay a portion of the amount outstanding under its $500 million revolving credit facility with the net proceeds from a new note offering, according to a 424B5 filing with the Securities and Exchange Commission.

As of Monday, there was about $360 million of debt outstanding under the revolver, which matures in March 2020 and has a weighted average interest rate of 1.9%.

The borrowings under this credit facility were used for general business purposes, including for working capital, repayment of maturing debt and the acquisition, development and redevelopment of shopping centers, including the recent $285 million acquisition of the Palms at Town & Country in Miami.

Weingarten is a shopping center owner, manager and developer based in Houston.

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