Kite Realty refinances revolver with $200 million facility via KeyBank

By Susanna Moon

Chicago, June 7 - Kite Realty Group Trust said it entered into an amended and restated three-year $200 million unsecured revolving credit facility with a one-year extension option.

KeyBank NA is the administrative agent, and Bank of America, NA is syndication agent.

Interest will be Libor plus 225 basis points to 325 bps, based on leverage.

The terms also include an expansion feature allowing up to $300 million of total borrowing capacity, according to a company press release.

Proceeds were used to refinance the company's existing unsecured revolving credit facility.

Wells Fargo Bank NA was the documentation agent. Other banks in the syndicate included BMO Harris Financing, Inc., Raymond James Bank, FSB, Citicorp North America, Inc., U.S. Bank NA, Huntington National Bank and Royal Bank of Canada.

"The completion of our unsecured facility, along with our recent preferred equity raise, helps solidify our capital structure and provides additional financial flexibility," Dan Sink, Kite Realty Group's chief financial officer, said in the release.

Kite Realty is an Indianapolis-based real estate investment trust engaged in the acquisition, development, expansion, construction, ownership, leasing, operation, and management of neighborhood and community shopping centers and commercial real estate properties.

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