Federal Realty borrows $890 million under revolving credit facility

By Rebecca Melvin

New York, March 25 – Federal Realty Investment Trust has borrowed $890 million under the revolving credit facility, amended and restated on July 25, 2019, among Federal Realty, Wells Fargo Bank, NA, as administrative agent, and the other lenders, according to an 8-K filing with the Securities and Exchange Commission.

Federal Realty has now drawn almost the entirety of its $1 billion revolver under the agreement.

Federal Realty elected to draw on its revolver to further strengthen its financial position and balance sheet, to maximize its financial liquidity and to provide maximum financial flexibility to continue its business initiatives as the effects of the Covid-19 pandemic continue to evolve.

The proceeds will be available to be used for working capital and general corporate purposes.

The real estate investment trust is based in Rockville, Md.

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