CINCINNATI, Dec. 17, 2014 /PRNewswire/ -- Phillips Edison Grocery Center REIT I, Inc. (the "Company") announced today an amendment to its unsecured revolving credit facility that includes an increase from $350 million to $700 million in aggregate commitments (the "Credit Facility"). Through an accordion feature and subject to certain conditions, the Company may further increase availability under the Credit Facility to $1 billion. The Credit Facility, as amended, otherwise maintains the same terms.
"This is another significant step for the Company that provides maximum flexibility as we finish building our portfolio and pursue strategic options for our shareholders," said Jeff Edison, Chairman and CEO.
Devin Murphy, CFO, added, "We believe this increase represents another validation of the Company and our ability to execute on our grocery anchored strategy. We appreciate the continued commitment from our banking partners and value their support."
The Credit Facility was oversubscribed, and included the introduction of three new lending institutions to the lending group: Fifth Third Bank, RBC Bank, and Capital One. Bank of America is the administrative agent under the Credit Facility, while KeyBank and Citibank both serve as co-syndication agents. Merrill Lynch, Pierce Fenner & Smith Incorporated, KeyBank and CitiGroup Global Markets Inc. acted as joint lead arrangers for the Credit Facility. The lending syndicate also includes UnionBank; JPMorgan Chase Bank; Wells Fargo Bank; PNC Bank; and Deutsche Bank AG.
In addition to general corporate purposes and to refinance in place secured debt, the Company intends to use proceeds from the Credit Facility to finance the acquisition of grocery-anchored neighborhood shopping centers.
About Phillips Edison Grocery Center REIT I, Inc.
Phillips Edison Grocery Center REIT I, Inc. is a public non-traded REIT that seeks 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 December 17, 2014, the Company owned and managed an institutional quality retail portfolio consisting of 136 grocery-anchored shopping centers totaling approximately 14.5 million square feet.
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SOURCE Phillips Edison Grocery Center REIT I, Inc.
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