InvenTrust Properties Corp. Closes on $750 Million Amended Unsecured Credit Facility
September 23, 2021 at 03:04 am IST
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InvenTrust Properties Corp. announced that it has closed on a $750 million amended unsecured credit facility, consisting of a $400 million amended term loan and a $350 million amended revolver. The Facility is available for general corporate purposes including acquisitions and other working capital uses. In recognition of InvenTrust’s performance coming out of the pandemic and the essential retail assets in the Company’s portfolio, the capitalization rate used to calculate certain financial covenants under the Facility improved by 25 basis points to 6.5%. The amended revolving credit facility also allows for an additional 1 basis point margin reduction if certain environmental, social, and governance targets are achieved. The company disclosed $350 Million Unsecured Revolving Line of Credit Based on the company’s leverage, the pricing is LIBOR plus 105 basis points. Extended the maturity date to September 2025 (with the additional option of two, 6-month extension options) from December 2022. $200 Million Unsecured Term Loan; Based on the Company’s leverage, the pricing is LIBOR plus 120 basis points and Extended the maturity date to September 2026 from December 2023. $200 Million Unsecured Term Loan; Based on the Company’s leverage, the pricing is LIBOR plus 120 basis points and Extended the maturity date to March 2027 from June 2024.
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.