InvenTrust Properties Corp. Announces the Closing of Its $750 Million Unsecured Credit Facility
January 02, 2019 at 11:38 pm IST
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InvenTrust Properties Corp. announced that it has closed on a $750 million amended and restated unsecured credit facility. The new unsecured facility increases the Company’s borrowing capacity by $150 million to $750 million and is available for general corporate purpose including acquisitions and other working capital uses. The amended and restated terms are as follows: $350 Million Unsecured Revolving Line of Credit: Increased the Company’s borrowing capacity by $50 million to $350 million; Based on the Company’s leverage, the pricing is LIBOR plus 105 basis points, a 35 basis point improvement from the previous rate; Extended the maturity date to December 21, 2022 from February 2, 2019, with two six-month extension options. $250 Million Unsecured Term Loan: increased the Company’s borrowing capacity by $50 million to $250 million; based on the Company’s leverage, the pricing is LIBOR plus 120 basis points, a 10 basis point improvement from the previous rate; extended the maturity date to December 21, 2023 from January 15, 2021. $150 Million Unsecured Term Loan: increased the Company’s borrowing capacity by $50 million to $150 million; based on the Company’s leverage, the pricing is LIBOR plus 120 basis points, a 40 basis point improvement from the previous rate; extended the maturity date to June 21, 2024 from November 5, 2022. In recognition of the completion of the Company’s portfolio transformation and its improved portfolio quality, the capitalization rate used to calculate certain financial covenants under the Facility was set at 6.75%, a 25 basis point improvement from the previous rate.
InvenTrust Properties Corp. is a Sun Belt, multi-tenant essential retail real estate investment trust (REIT). The Company owns, leases, redevelops, acquires, and manages grocery-anchored neighborhood and community centers, as well as power centers that often have a grocery component. It is focused on owning, leasing, redeveloping, acquiring, and managing a multi-tenant retail platform. The Company owns approximately 62 retail properties with a total gross leasable area (GLA) of approximately 10.3 million square feet. Its retail properties consist of community and neighborhood centers and power centers. Community and neighborhood centers are generally open-air and designed for tenants that offer a wide array of merchandise and services, including groceries, soft goods, and convenience-oriented offerings. Power centers are generally larger and consist of several anchors, such as discount department stores, off-price stores, specialty grocers and warehouse clubs.
INVENTRUST PROPERTIES CORP. 
