HOUSTON--(BUSINESS WIRE)--Weingarten Realty Investors (NYSE:WRI) announced today that it has amended and extended its $500 million unsecured revolving credit facility. The facility will mature in March 2024, with a provision to extend the maturity date for two consecutive six-month periods, at the Company’s option. Borrowing rates under the facility are at a margin over LIBOR, plus a facility fee. The borrowing margin improved under the new agreement to LIBOR plus 82.5 basis points. Both the borrowing margin and facility fee are priced off a grid that is tied to Weingarten's senior unsecured credit ratings. The facility also contains a competitive bid option that will allow the Company to request bids for up to $250 million, along with an accordion feature, which allows the Company to increase the facility amount up to $850 million. Weingarten intends to use the proceeds from such facility to fund acquisition and new development activities, and for general corporate purposes.
JPMorgan Chase Bank, N.A., and BofA Securities, Inc., serve as joint bookrunners and JPMorgan Chase Bank, N.A., BofA Securities, Inc., U.S. Bank National Association, Wells Fargo Securities, LLC and PNC Capital Markets LLC serve as joint lead arrangers; JPMorgan Chase Bank, N.A., as administrative agent; Bank of America, N.A., as syndication agent, and U.S. Bank National Association, Wells Fargo Bank, National Association, PNC Bank, National Association, Regions Bank, The Bank of Nova Scotia, and Truist Bank as documentation agents.
Steve Richter, Executive Vice President and Chief Financial Officer, stated, “We appreciate the long-term commitment of our bank consortium and the confidence they have in our organization. The extended credit facility provides Weingarten with the liquidity and financial flexibility required to continue the successful execution of our operations and growth objectives.”
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At September 30, 2019, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 170 properties which are located in 17 states spanning the country from coast to coast. These properties represent approximately 33.0 million square feet of which our interests in these properties aggregated approximately 21.5 million square feet of leasable area. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.