Acadia Realty enters into $500 million revolving, term loan facility

By Sarah Lizee

Olympia, Wash., Feb. 22 – Acadia Realty Trust subsidiary Acadia Realty LP entered into an up to $500 million amended and restated senior unsecured revolving credit and term loan facility on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

The facility consists of a $150 million revolving credit facility and a $350 million term loan facility, with an up to $150 million accordion feature.

The revolver and term loans extended the maturity dates of the existing credit facility through March 2022 and 2023, respectively, with a reduction in all-in pricing and improvements to market terms and conditions, according to a press release.

The facility refinances the company’s existing $300 million credit facility, which was made up of a $150 million revolver and $150 million term loan.

The company said the facility will also repay and replace $150 million in bilateral unsecured credit facilities and about $50 million in secured financings.

Bank of America, NA acted as the administrative agent and swingline lender. PNC Bank, NA, Wells Fargo Bank, NA and TD Bank, NA acted as co-documentation agents. Merrill Lynch, Pierce, Fenner & Smith Inc., PNC Capital Markets LLC and Wells Fargo Securities, LLC acted as joint lead arrangers with Merrill Lynch as bookrunner.

Acadia is a real estate investment trust based in Rye, N.Y., with a focus on retail properties.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.