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Macerich amends, restates $1.5 billion revolving credit facility
By Tali Rackner
Norfolk, Va., July 12 – Macerich Co. entered into a $1.5 billion amended and restated revolving loan facility on July 6, according to an 8-K filing with the Securities and Exchange Commission.
The amended facility matures on July 6, 2020, subject to a one-year extension option, and provides for a sublimit of $50 million for swingline advances.
The facility may be increased by up to an additional $500 million. Commitments under the accordion feature may be made as incremental revolver commitments or as commitments to a new term loan tranche.
Initial interest is reserve adjusted Libor plus 132.5 basis points. The spread ranges from Libor plus 30 bps to 190 bps, depending on leverage. The facility fee on the unused portion is 20 bps.
Macerich may voluntarily repay outstanding amounts under the revolving loan facility, in whole or in part, at any time.
The agreement includes financial covenants requiring a minimum net worth, maximum leverage ratio, minimum fixed-charge coverage ratio, maximum secured leverage ratio and maximum floating rate debt.
Deutsche Bank AG New York Branch is the administrative agent; Deutsche Bank Securities Inc., JPMorgan Chase Bank, NA, Wells Fargo Securities, LLC, Goldman Sachs Bank USA and U.S. Bank NA are joint lead arrangers and bookrunning managers; JPMorgan, Wells Fargo Bank, NA, Goldman Sachs and U.S. Bank are co-syndication agents; and PNC Bank, NA is the documentation agent.
The amended credit agreement amends and restates the company’s existing $1.5 billion revolving credit agreement dated Aug. 6, 2013.
Macerich is a Santa Monica, Calif.-based real estate investment trust.
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