LAS VEGAS & HIGH POINT, N.C.--(BUSINESS WIRE)--International Market Centers, Inc. (“IMC”), the largest owner and operator of permanent business-to-business showroom space in North America for the home furniture industry and one of the largest owners and operators of permanent business-to-business showroom space for the home décor and gift industries, today announced a refinancing of its senior secured debt and revolving credit facility. The new Commercial Mortgage Pass-Through Certificates (“Financing”) will initially be in the amount of $610 million. The Financing will reduce the Company’s cost of capital, extend debt maturities and give the Company enhanced financial flexibility. The transaction was led by Citigroup Global Markets, Inc. and Bank of America Merrill Lynch.
Robert J. Maricich, Chief Executive Officer, stated, “This refinancing provides long-term, stable financing which, combined with the continued strong support of our Sponsors, enables us to continue to deliver compelling markets for our buyers and manufacturers. Importantly, this transaction is a reflection of the excellent growth and financial success we have achieved in both High Point and Las Vegas and demonstrates the confidence of the broader financial community in the value of our assets and the growth embodied in our strategic plan.”
“We are thrilled by the strong growth IMC has demonstrated and the value it continues to deliver to its tenants and buyers. IMC’s strategic focus on the furniture, gift and home décor industries as well as its distinctive assets and broad footprint in both High Point and Las Vegas position the company well to deliver an unparalleled experience,” said Phil Loughlin, on behalf of Bain Capital. In addition, Manish Desai of Oaktree Capital added, “This successful financing reflects IMC’s strong position and will help support future growth initiatives.”
About International Market Centers
International Market Centers, Inc. is structured as an internally-managed REIT, and is the largest owner and operator of permanent business-to-business showroom space in North America for the home furniture industry and one of the largest owners and operators of permanent business-to-business showroom space for the home décor and gift industries. We own approximately 12.1 million gross square feet of premier showroom space across 14 buildings in High Point, North Carolina and three buildings and three exhibition pavilions in Las Vegas, Nevada.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on management's beliefs and assumptions and information currently available to management. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "comfortable with," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. A number of important factors could cause actual events to differ materially from those contained in or implied by the forward-looking statements, including those factors discussed in our filings with the U.S. Securities & Exchange Commission (the "SEC"), which can be found at the SEC's website www.sec.gov. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.