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Regency Centers Expands Credit Facilities with New $550 Million Unsecured Term Loan

REG
  • Regency Centers Corporation & its operating partnership entered an amended credit agreement providing a $1.5 billion senior unsecured revolving credit facility maturing November 8, 2030, with two six-month extension options.
  • The agreement includes a $550 million senior unsecured delayed draw term loan facility maturing February 10, 2031, also subject to two six-month extension options.
  • Interest rates for both facilities are based on SOFR plus a margin determined by credit ratings & the indebtedness-to-asset-value ratio.
  • At closing, the effective interest rate was SOFR plus 67.5 basis points for the revolving facility & SOFR plus 75.0 basis points for the term loan.
  • Wells Fargo Securities, PNC Capital Markets, & U.S. Bank National Association served as Joint Bookrunners for both facilities.
  • Wells Fargo Bank National Association acted as Administrative Agent, with PNC Bank & U.S. Bank as Co-Syndication Agents.
  • Joint Lead Arrangers for the revolving facility included Wells Fargo, PNC, U.S. Bank, Truist Securities, & Regions Capital Markets.
  • Joint Lead Arrangers for the term loan facility included PNC, Wells Fargo, U.S. Bank, The Bank of New York Mellon, & Regions Capital Markets.
  • Co-Documentation Agents included Regions Bank, Truist Bank, Bank of America, Mizuho Bank, JPMorgan Chase, & TD Bank.
  • Senior Managing Agents included The Bank of New York Mellon, BMO Bank, The Bank of Nova Scotia, & Royal Bank of Canada.
  • Associated Bank participated as a lender under both the revolving & term loan facilities.
  • Regency Centers is a self-administered, self-managed REIT & an S&P 500 Index member focused on suburban shopping centers.
Company
Regency Centers Corporation
Keywords
Nasdaq:REG, Regency Centers Corporation