Federal Realty Investment Trust to repay revolver via new notes issue

By Susanna Moon

Chicago, June 20 – Federal Realty Investment Trust plans to pay down its $800 million revolving credit facility due April 20, 2020 using proceeds of a new issue of notes, according to a 424B5 filing with the Securities and Exchange Commission.

The company had $217 million outstanding under the revolver as of March 31 and $344 million as of June 19.

The company plans to price an offering of dollar-denominated fixed-rate notes with any remaining proceeds to be used for general corporate purposes.

Interest on the revolver is Libor plus a spread of 82.5 basis points.

The revolver contains two six-month extension options and an accordion that allows upsizing the facility to $1.5 billion.

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

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