latest-news-headlines Market Intelligence /marketintelligence/en/news-insights/latest-news-headlines/site-centers-pulls-2020-guidance-over-coronavirus-uncertainty-57778496 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

SITE Centers pulls 2020 guidance over coronavirus uncertainty

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


SITE Centers pulls 2020 guidance over coronavirus uncertainty

SITE Centers Corp. withdrew the 2020 guidance it disclosed earlier, given uncertainty brought about by the COVID-19 pandemic.

The shopping center real estate investment trust said it has taken measures to boost its liquidity position and lower capital expenditures to sustain a strong balance sheet and financial flexibility.

Separately, the REIT borrowed $250 million under an existing revolving credit facility, bringing the outstanding principal balance under that revolver to $645 million.

JPMorgan Chase Bank NA is the administrative agent under the revolver, which provided for borrowings of up to $950 million and is due Jan. 26, 2024, with two conditional six-month extension options.

Remaining availability under the JPMorgan facility, along with another revolving credit facility with PNC Bank NA that provided for borrowings up to $20 million, is $325 million.

The REIT noted that it has approximately $516 million of consolidated unrestricted cash on its balance sheet as of March 26.

READ MORE: Sign up for our weekly coronavirus newsletter here, and read our latest coverage on the crisis here.