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U.S. Bank, Others Arrange $700MM Financing Extension for PREIT

May 29, 2018, 07:05 AM
Filed Under: Real Estate

PREIT announced the execution of a modification and extension of its $400 million unsecured Revolving Credit Facility and two of its $150 million 5-Year Term Loans, totalling $300 million. Terms and conditions remain substantially the same as its existing loans, now maturing in 2023.  The Company has completed over $1 billion in transactions in the financing market thus far in 2018, highlighting its ability to access the capital markets.  One of the key tactics in PREIT's balance sheet strategy is maintaining a well-laddered maturity schedule, which is complemented by this transaction as the Company now boasts no material debt maturities until 2021.

PREIT has a primary focus on the ownership and management of differentiated retail shopping malls crafted to fit the dynamic communities they serve. The Company operates properties in 12 states in the eastern U.S. with concentration in the Mid-Atlantic and Greater Philadelphia region. The Company is headquartered in Philadelphia, Pennsylvania. >

"We are extremely pleased to have completed these transactions at favorable terms ahead of their scheduled maturities.  The quality of our portfolio and the Company's value proposition is clearly understood and appreciated by the credit markets," said PREIT CEO Joseph F. Coradino. "We believe that securing this level of capital and maintaining both cap rates and interest rate spreads are the manifestation of our Company's transformation and we are appreciative for the continued support of our bank group."

Wells Fargo Securities, LLC, U.S. Bank National Association, Citizens Bank, N.A., PNC Bank National Association, and MUFG Union Bank, N.A. were joint lead arrangers for these transactions.

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