SITE Centers extends revolver, improves revolver, term loan pricing

By Wendy Van Sickle

Columbus, Ohio, July 26 – SITE Centers Corp. refinanced its $950 million revolving credit facility and extended its maturity and amended its unsecured term loan, doubling the term loan’s size to $100 million, according to a press release on Friday.

The amended revolver has an initial maturity of Jan. 26, 2024, with two six-month extension options.

An accordion feature provides for up to $1.45 billion of potential total capacity.

Initial interest on the amended revolver is Libor plus 90 basis points, an improvement of 30 bps.

For the term loan, pricing was set at Libor plus 100 bps, an improvement of 35 bps.

In each case, the margin above Libor is based on credit ratings.

The maturity of the term loan facility remains Jan. 31, 2023.

Wells Fargo Securities, LLC and JPMorgan Chase Bank, NA served as joint bookrunners for the revolver, with JPMorgan as administrative agent and Wells Fargo, JPMorgan, Citizens Bank, NA, RBC Capital Markets and U.S. Bank NA as joint lead arrangers. on the amended $950 million revolving credit facility.

For the term loan, Wells Fargo and PNC Capital Markets LLC served as joint bookrunners, with Wells Fargo Bank, NA as administrative agent and Wells Fargo Securities, PNC and KeyBanc Capital Markets Inc. as joint lead arrangers.

Formerly known as DDR Corp., the real estate investment trust that owns and manages shopping centers is based in Beachwood, Ohio.

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