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SL Green amends $3B credit facility

SL Green Realty Corp. refinanced and amended its $3.0 billion credit facility.

The five-year term loan facility was increased by $117 million to $1.3 billion, while the borrowing cost was reduced to 135 basis points over the London Interbank Offered Rate. The maturity date was revised to March 2023 from June 2019.

A new seven-year $200 million term loan has also been added to the facility, with an interest rate of 190 basis points over LIBOR and maturity of November 2024.

The revolver component was reduced by $100 million to $1.5 billion and the maturity extended to March 2023 from March 2019. The revised revolving credit facility will bear a reduced interest rate of 120 basis points over LIBOR and includes as-of-right extension options up to a year.

The joint lead arrangers of the facility are Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., U.S. Bank NA, Merrill Lynch Pierce Fenner & Smith Inc. and BMO Capital Markets Group.

Wells Fargo Bank NA is the administrative agent, while JPMorgan Chase Bank NA is the syndication agent. Deutsche Bank AG New York branch, U.S. Bank NA, Bank of America NA and Bank of Montreal are the co-documentation agents.