Retail Properties of America borrows $654 million under revolver

By Sarah Lizee

Olympia, Wash., March 30 – Retail Properties of America, Inc. provided notice to lenders on Wednesday to borrow $654 million under its $850 million revolving credit facility due April 22, 2022 with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The company said it elected to increase its borrowings under the revolver to further strengthen its financial position and balance sheet, to enhance its financial liquidity and to provide maximum financial flexibility as the effects of the Covid-19 outbreak continue to evolve and impact the global markets. Proceeds may be used for general working capital and other general corporate purposes in the future as permitted by the credit agreement.

The credit agreement also includes a $250 million unsecured term loan. After giving effect to this draw and prior drawings since Jan. 1, $850 million is outstanding under the company’s credit agreement.

Retail Properties is an Oak Brook, Ill., owner and operator of shopping centers.

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