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InvenTrust Properties closes on $750M unsecured credit facility

Pure-play retail company InvenTrust Properties Corp. closed on a $750 million amended and restated unsecured credit facility, boosting the borrowing capacity by $150 million.

The amended facility includes an unsecured revolving line of credit of $350 million and two separate unsecured term loans of $250 million and $150 million.

Amounts drawn under the facility will be used for general corporate purpose, including acquisitions and other working capital uses.

The real estate investment trust said the maturity date for the $350 million revolver is extended to Dec. 21, 2022, from Feb. 2, 2019, with two six-month extension options. Pricing is set at the London interbank offered rate plus 105 basis points, a 35-basis-point improvement over the previous rate.

The maturity dates for the $250 million and $150 million unsecured term loans are extended to Dec. 21, 2023, from Jan. 15, 2021, and to June 21, 2024, from Nov. 5, 2022, respectively. The pricing for both loans stand at LIBOR plus 120 basis points, representing a 10- and 40-basis-point improvement over the previous respective rates of the $250 million and $150 million loans.

KeyBanc Capital Markets Inc., Wells Fargo Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc., JP Morgan Chase Bank NA, PNC Bank NA and BMO Harris Bank NA co-lead the revolving facility.

The $250 million term loan is co-led by Wells Fargo Securities, Merrill Lynch and U.S. Bank NA, while Wells Fargo, PNC Bank and U.S. Bank co-lead the $150 million term loan.