Taubman Centers Announces The Closing Of $1.1 Billion Line Of Credit
BLOOMFIELD HILLS, Mich., March 1, 2013 /PRNewswire/ -- Taubman Centers , Inc. (NYSE: TCO) announced today a new primary revolving line of credit. The new revolving line of credit increases the borrowing capacity from $650 million to $1.1 billion and includes an accordion feature that would increase the borrowing capacity to as much as $1.5 billion, if fully exercised.
"The expanded line will provide us additional financial flexibility to fund our operations and development pipeline," said Lisa A. Payne , vice chairman and chief financial officer.
The new unsecured line has a four-year term, maturing in March 2017, with a one-year extension option. Pricing is based on the Company's total leverage ratio. At today's leverage, pricing is LIBOR plus 1.45% with an annual 0.20% facility fee. The line is guaranteed by the entities that own Dolphin Mall (Miami, Fla.), Fairlane Town Center (Dearborn, Mich.), Twelve Oaks Mall (Novi, Mich.), and The Shops at Willow Bend (Plano, Texas). For this facility, J.P. Morgan Securities LLC was joint lead arranger and sole bookrunner; PNC Bank N.A. and U.S. Bank N.A. were joint lead arrangers and co-syndication agents; Wells Fargo Bank, N.A. was documentation agent; and Comerica Bank, Union Bank, N.A., RBS Citizens, N.A. and Suntrust Bank were managing agents. In addition to the above financial institutions, there were eight co-lenders in the facility.
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 27 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Taubman is currently developing Taubman Prestige Outlets Chesterfield in Chesterfield, Mo.; The Mall at University Town Center in Sarasota, Fla.; The Mall of San Juan in San Juan, Puerto Rico; and shopping malls in Xi'an and Zhengzhou, China and Hanam, South Korea. Taubman Centers is headquartered in Bloomfield Hills, Mich. and Taubman Asia, the platform for Taubman Centers ' expansion into China and South Korea, is headquartered in Hong Kong. Founded in 1950, Taubman has more than 60 years of experience in the shopping center industry. For more information about Taubman, visit www.taubman.com.
For ease of use, references in this press release to " Taubman Centers ," "company," "Taubman" or an operating platform mean Taubman Centers , Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers , Inc. itself or the named operating platform.
This press release may contain 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. These statements reflect management's current views with respect to future events and financial performance. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks and uncertainties. You should review the company's filings with the Securities and Exchange Commission, including "Risk Factors" in its most recent Annual Report on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.
SOURCE Taubman Centers , Inc.
More by this Source
Taubman Centers Issues Strong First Quarter Results
Apr 25, 2013, 16:04 ET
David Joseph To Head Taubman Leasing
Apr 08, 2013, 14:49 ET
Taubman Schedules First Quarter Earnings Release And Conference Call
Mar 21, 2013, 11:03 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.