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Pa. REIT extends revolver, term loans

Pennsylvania Real Estate Investment Trust modified and extended its $400 million unsecured revolving credit facility and two of its $150 million five-year term loans, with maturity now set for 2023.

The revolving credit facility now has a four-year term with a one-year extension option, while the amount and interest rate remain unchanged. It carries a rate of the London Interbank Offered Rate plus a range of 120 to 155 basis points, based on a calculation of liabilities to gross asset value.

The term loans also have an unchanged aggregate amount, with interest remaining at LIBOR plus a range of 135 to 190 basis points, based on the same calculation as the credit facility.

Wells Fargo Securities LLC, U.S. Bank NA, Citizens Bank NA, PNC Bank NA and MUFG Union Bank NA served as joint lead arrangers for the transactions.