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Weingarten Realty amends, extends $500M revolving credit facility

Weingarten RealtyInvestors amended and extended its $500 million unsecured revolvingcredit facility, according to a March 31 statement.

The facility will mature in March 2020, with a provision to extendthe maturity date for two consecutive six-month periods, at the company's discretion.

The borrowing margin is down 15 basis points to LIBOR plus 90basis points.

The covenants on the facility were updated, including loweringthe capitalization rate, which increases the valuation of the company's propertiesand provides it greater flexibility in executing its business plan, Weingarten saidin a release.

The facility contains a competitive bid option that will allowWeingarten to request bids for up to $250 million, along with an accordion feature,which allows the company to raise the facility amount up to $850 million.

Weingarten plans to use the proceeds from the facility to financeacquisitions and new development projects, and for general corporate purposes.

J.P. Morgan Securities LLC and Merrill Lynch Pierce Fenner &Smith Inc. are acting as joint book runners and joint lead arrangers. JPMorgan ChaseBank NA is serving as administrative agent and Bank of America NA is serving assyndication agent, while Wells Fargo Bank NA, PNC Bank NA, U.S. Bank NA, RegionsBank and The Bank of Nova Scotia are documentation agents.

Other lenders involved in the transaction include Capital OneNA and Branch Banking & Trust Co.