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SITE Centers extends revolver, adds $100 million delayed-draw loan
By Wendy Van Sickle
Columbus, Ohio, June 6 – SITE Centers Corp. refinanced its $950 million revolving credit agreement and refinanced its term loan, doubling its potential size to $200 million, according to a news release Monday.
The additional $100 million of term loan proceeds are available for six months under a delayed-draw feature. At closing, none of the additional term loans were drawn.
As part of the refinancing, the underlying benchmark will transition to SOFR from Libor. The recast facilities also feature a sustainability-linked pricing component whereby the applicable interest rate margin can be reduced if the company meets some performance targets.
The amended revolver has an initial maturity of June 6, 2026 with two six-month extension options. Based on SITE Centers’ current credit ratings, pricing on the refinanced revolver was set at SOFR plus 85 basis points and a 10 bps credit spread adjustment.
The term loan maturity date was extended to June 6, 2027. Its pricing was set at SOFR plus 95 bps and a 10 bps credit spread adjustment based on SITE Centers’ current credit ratings.
For the revolver, JPMorgan Chase Bank, NA and Wells Fargo Securities, LLC served as joint bookrunners. JPMorgan is administrative agent, and JPMorgan, Wells Fargo, Citizens Bank, NA, KeyBanc Capital Markets Inc., PNC Capital Markets LLC, RBC Capital Markets, and U.S. Bank NA were joint lead arrangers.
For the term loan, Wells Fargo and JPMorgan acted as joint bookrunners. Wells Fargo Bank, NA was administrative agent, and Wells Fargo, JPMorgan, Citizens, KeyBanc, PNC, RBC and U.S. Bank were joint lead arrangers.
The real estate investment trust that owns and manages shopping centers is based in Beachwood, Ohio.
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