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Kite Realty gets $115 million term loan, amends $200 million revolver
By Angela McDaniels
Tacoma, Wash., May 1 - Kite Realty Group Trust closed on a new $115 million term loan and amended the terms of its $200 million revolving credit facility, according to a company news release.
The term loan has a seven-year term and an interest rate of Libor plus 210 basis points to 310 bps, depending on the company's leverage.
There is a $10 million accordion feature.
KeyBanc Capital Markets and Wells Fargo Securities, LLC acted as bookrunners and lead arrangers. Other banks in the syndicate were Huntington National Bank and Raymond James Bank, FSB.
The proceeds of the term loan will be used to retire the company's upcoming debt maturities and to partially pay down its revolver.
"The closing of this term loan substantially completes our goal of extending and staggering our near-term debt maturities and provides additional financial flexibility by significantly increasing our unencumbered asset pool," chairman and chief executive officer John Kite said in the release.
Revolver amendment
The revolver's maturity date was extended to April 30, 2016, and the interest rate was reduced to Libor plus 190 bps to 290 bps, depending on the company's leverage.
The company has the option to extend the maturity date to April 30, 2017.
KeyBank NA is the administrative agent for the revolver, Bank of America, NA is the syndication agent, and Wells Fargo Bank NA is the documentation agent. Other banks in the syndicate include Citicorp North America, Inc., Raymond James Bank, Royal Bank of Canada, U.S. Bank NA, JPMorgan Chase Bank, NA and Huntington National Bank.
Kite Realty is an Indianapolis-based real estate investment trust focused on neighborhood and community shopping centers.
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