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SL Green Realty reduces pricing on revolver, extends maturity date
By Marisa Wong
Madison, Wis., Jan. 8 – SL Green Realty Corp., SL Green Operating Partnership, LP and Reckson Operating Partnership, LP amended their existing credit facility on Jan. 6 to, among other things, lower the interest-rate margin for the revolving credit facility and extend the maturity date of the revolver, according to an 8-K filing with the Securities and Exchange Commission.
The maturity date is now March 29, 2019 and may be further extended by up to an additional 12 months.
The companies also amended the credit facility to add Fitch Ratings as a third reference point for credit rating based pricing adjustments.
The amended revolver will bear interest at Libor plus a spread ranging from 87.5 basis points to 155 bps, based on the credit rating assigned to Reckson’s senior unsecured long-term debt. At Jan. 6, the applicable spread was 125 bps.
The lending group for the credit facility consists of Wells Fargo Bank, NA as administrative agent; Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and U.S. Bank NA as the lead arrangers and joint bookrunners; JPMorgan Chase Bank, NA as syndication agent; U.S. Bank NA, Deutsche Bank AG New York Branch, Bank of America, NA, Citibank, NA, PNC Bank, NA and Bank of New York Mellon as documentation agents.
SL Green is a real estate investment trust based in New York.
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