Weingarten amends $500 million revolving facility, extends to 2024

By Wendy Van Sickle

Columbus, Ohio, Dec. 12 – Weingarten Realty Investors amended its $500 million unsecured revolving credit facility on Wednesday to, among other things, extend its maturity to March 30, 2024, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also includes a provision to extend the revolver by up to two additional six-month periods.

Borrowings currently bear interest at Libor plus 82.5 basis points, and interest can range from Libor plus 77.5 bps to 145 bps, depending on Weingarten’s credit ratings.

Also, the covenants in the facility have been updated, and the facility also contains a competitive bid option that will allow the company to request bids for up to $250 million.

Additionally, there is an accordion feature, which allows Weingarten to request to increase the revolver up to a total of $850 million.

JPMorgan Chase Bank, NA and BofA Securities, Inc. are the bookrunners and are lead arrangers along with U.S. Bank NA, Wells Fargo Securities, LLC and PNC Capital Markets LLC.

JPMorgan is the administrative agent, Bank of America, NA the syndication agent, and Wells Fargo Bank, NA, PNC, Regions Bank, Bank of Nova Scotia and Trust Bank the documentation agents.

Proceeds will be used to fund acquisitions and new development activities and for general corporate purposes.

Weingarten is a shopping center owner, manager and developer based in Houston.

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