Retail Properties Of America, Inc. Announces Closing Of Previously Announced $1.2 Billion Unsecured Credit Facility, Increasing Total Capacity By $200 Million

06 Jan, 2016, 16:01 ET from Retail Properties of America, Inc.

OAK BROOK, Ill., Jan. 6, 2016 /PRNewswire/ -- Retail Properties of America, Inc. (NYSE: RPAI) (the "Company") today announced it has closed on the previously announced $1.2 billion amended and restated unsecured credit facility. The unsecured credit facility was amended and restated, as follows:

$750 Million Unsecured Revolver

  • Increased the capacity on the existing unsecured revolver by $200 million to $750 million;
  • Set pricing, which is based on the Company's leverage, at LIBOR plus 135 basis points, a 15 basis point decrease from the previous rate;
  • Extended the maturity date to January 5, 2020 from May 12, 2017; and
  • Procured two additional six-month option periods.

$200 Million Unsecured Term Loan

  • Reduced the loan amount on the existing unsecured term loan by $250 million to $200 million;
  • Maintained pricing, which is based on the Company's leverage, at LIBOR plus 145 basis points;
  • Retained the same maturity date of May 11, 2018; and
  • Added two additional one-year option periods.

$250 Million Unsecured Term Loan

  • Created a new unsecured term loan in the amount of $250 million, with the proceeds used to reduce the loan amount on the existing unsecured term loan described above by $250 million;
  • Set pricing, which is based on the Company's leverage, at LIBOR plus 130 basis points; and
  • Set the maturity date to January 5, 2021.

Wells Fargo Securities, LLC, KeyBanc Capital Markets Inc., U.S. Bank National Association, PNC Capital Markets LLC and Regions Capital Markets served as co-lead arrangers, with KeyBank, NA to serve as administrative agent and Wells Fargo Bank, NA to serve as syndication agent. U.S. Bank National Association, PNC Capital Markets LLC, Regions Capital Markets, Bank of America, N.A., Citibank, N.A., The Bank of Nova Scotia, Capital One, N.A., Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding, Inc. served as documentation agents.

About RPAI

Retail Properties of America, Inc. is a REIT and is one of the largest owners and operators of high quality, strategically located shopping centers in the United States. As of September 30, 2015, the Company owned 201 retail operating properties representing 29.2 million square feet. The Company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI. Additional information about the Company is available at www.rpai.com.

CONTACT INFORMATION Michael Fitzmaurice, VP - Finance Retail Properties of America, Inc. (630) 634-4233

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SOURCE Retail Properties of America, Inc.



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