Weingarten Realty Investors Closes $500 Million Unsecured Revolving Credit Facility

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.