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KeyBank Agents $350MM Credit Facility for Ramco-Gershenson Properties Trust

September 15, 2017, 08:00 AM
Filed Under: Real Estate

Ramco-Gershenson Properties Trust announced that it has closed on its amended and restated $350 million unsecured revolving credit facility. The credit facility matures September 2021 and can be extended one year to 2022 through two six-month options.  Borrowings on the credit facility will be priced at LIBOR plus 135 basis points maintaining the Company’s existing pricing grid.  Additionally, the facility allows for increased borrowing capacity up to $650 million through an accordion feature.

KeyBanc Capital Markets, Inc., Deutsche Bank Securities Inc. and PNC Capital Markets LLC, acted as Joint Lead Arrangers, with KeyBank National Association as Administrative Agent and Deutsche Bank Securities Inc. and PNC Capital Markets LLC as syndication agents. Bank of America, N.A. and JPMorgan Chase Bank, N.A. served as documentation agents. Other participants include Capital One, N.A., BMO Harris Bank, N.A., The Huntington National Bank, and Branch Banking and Trust Company.

"The extension of our credit facility provides us with significant financial flexibility as we pursue both our short and long-term business objectives," said Geoffrey Bedrosian, Chief Financial Officer. "The new facility provides us an attractive cost of debt capital and improves our maturity profile.  We would like to thank our bank group for their continued support in the growth of the Company.”

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