Weingarten gets $500 million extended revolver with reduced pricing

By Angela McDaniels

Tacoma, Wash., Oct. 3 - Weingarten Realty Investors closed on an amended and extended $500 million revolving credit facility due September 2015, according to a company news release.

The margin over Libor was decreased to 125 basis points from 275 bps, and the facility fee was reduced to 25 bps from 50 bps.

The maturity date can be extended for an additional year at the company's option, according to the release.

The facility includes a competitive bid option that will allow the company to request bids for up to $250 million. In addition, there is a $200 million accordion feature.

Weingarten said the covenants have been updated, including lowering the capitalization rate.

The company plans to use the proceeds to fund acquisition and new development activities and for general corporate purposes.

J.P. Morgan Securities LLC and Bank of America Merrill Lynch were the bookrunners. Compass Bank, U.S. Bank NA and Bank of Nova Scotia were managing agents. Other lenders include Capital One, NA, Northern Trust Co. and Sumitomo Mitsui Banking Corp.

JPMorgan Chase Bank, NA is the administrative agent. Bank of America, NA is the syndication agent. Wells Fargo Bank, NA, PNC Bank, NA and Regions Bank are the documentation agents, and Royal Bank of Canada is the co-documentation agent.

Weingarten is a Houston-based commercial real estate owner, manager and developer.

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