Regency Centers draws $500 million from revolving credit facility

By Marisa Wong

Los Angeles, March 30 – Regency Centers Corp. said it drew down $500 million from its existing $1.25 billion revolving credit facility.

With this revolver draw, Regency now has a cash balance of about $720 million and an additional $545 million available under the revolver, representing total liquidity of roughly $1.27 billion, according to a press release.

The company borrowed the additional funds to further strengthen its balance sheet and liquidity position given the uncertainty surrounding the impacts from the Covid-19 pandemic.

The company said it has no unsecured debt maturities until 2022.

Regency is a Jacksonville, Fla.-based real estate investment trust that owns retail shopping centers located in affluent and densely populated areas, most of which are grocery anchored.

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