BEACHWOOD, Ohio--(BUSINESS WIRE)--SITE Centers Corp. (NYSE: SITC) announced today that it has refinanced its revolving credit facility and extended its maturity. The company also amended its unsecured term loan and upsized the agreement to $100 million from $50 million. The maturity on the term loan facility was unchanged.
The amended $950 million unsecured revolving credit facility has an initial maturity of January 26, 2024 with two six-month extension options, and contains an accordion feature that provides for up to $1.45 billion of potential total capacity. Based on SITE Centers’ current credit ratings, pricing on the refinanced revolving credit facility was set at LIBOR plus 90 basis points, an improvement of 30 basis points.
SITE Centers also amended and upsized its unsecured term loan increasing borrowings to $100 million from $50 million. The maturity date was unchanged from January 31, 2023. Pricing of the unsecured term loan was set at LIBOR plus 100 basis points, an improvement of 35 basis points, based on SITE Centers’ current credit ratings.
Wells Fargo Securities, LLC and JPMorgan Chase Bank, N.A. served as Joint Bookrunners, JPMorgan Chase Bank, N.A. served as Administrative Agent, and Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Citizens Bank, N.A., RBC Capital Markets and U.S. Bank National Association served as Joint Lead Arrangers on the amended $950 million revolving credit facility.
Wells Fargo Securities, LLC and PNC Capital Markets LLC served as Joint Bookrunners, Wells Fargo Bank, N.A. served as Administrative Agent, and Wells Fargo Securities, LLC, PNC Capital Markets LLC, and KeyBanc Capital Markets Inc. served as Joint Lead Arrangers on the upsized $100 million unsecured term loan.
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping centers that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.