CINCINNATI--(BUSINESS WIRE)--Phillips Edison Grocery Center REIT I, Inc. (the “Company”) announced that it recently closed on a seven-year, $255 million unsecured term loan facility. Proceeds from the term loan were used to pay down the Company’s revolving line of credit, as well as for general corporate purposes. The interest rate on the unsecured term loan is based on pricing of 170 basis points over LIBOR, subject to change based on the Company’s leverage ratio. The company has fixed LIBOR beginning July 1, 2017 throughout the term of the facility. At the Company’s current leverage ratio, the all-in fixed interest rate is 3.029%.
“We are pleased to announce the closing of this seven-year unsecured term loan and corresponding fixed interest rate swap. We appreciate our lending partners continued support. This is a strategic component of our capital structure that is consistent with our goal of maintaining a strong balance sheet with a well laddered maturity profile,” said Devin Murphy, Chief Financial Officer of Phillips Edison and Company.
The facility lenders include PNC Bank, N.A. as Administrative Agent with Capital One National Association, Fifth Third Bank and Regions Bank as Co-Syndication Agents, and Associated Bank, N.A., First Tennessee Bank, N.A. and Tristate Capital Bank.
About Phillips Edison Grocery Center REIT I, Inc.
Phillips Edison Grocery Center REIT I, Inc. is a public non-traded REIT that seeks primarily to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. As of November 2, 2016, the Company owns and manages an institutional quality retail portfolio consisting of 153 shopping centers totaling approximately 16.6 million square feet. For more information, please visit the Company’s website at www.grocerycenterREIT1.com.