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Brixmor Property eliminates debt maturities until 2021

Brixmor Property Group Inc.'s operating partnership amended its existing credit facilities and Brixmor Property repaid nearly all of its remaining secured debt such that the shopping center real estate investment trust will have no debt maturities until 2021.

On Nov. 30, Brixmor Property repaid $181.6 million of secured debt due in 2020, at a weighted average interest rate of 5.91%. On Dec. 13, it repaid $194.2 million of secured debt due in 2021, at a weighted average interested rate of 6.24%, leaving the company with $7.0 million of remaining secured debt.

Brixmor Property will recognize a loss on debt extinguishment of $17.0 million, or 6 cents per share, in the fourth quarter.

The operating partnership on Dec. 12 extended the maturity date and lowered the pricing on $2.4 billion of its credit facilities, which include accordion features allowing an up to $1.75 billion increase in total capacity.

The facilities comprise the operating partnership's $1.25 billion unsecured revolving credit facility and $1.15 billion across three separate unsecured term loans. The interest rates of all three term loans were lowered to the London interbank offered rate plus 125 basis points.

The maturity date for the revolver was extended to Feb. 28, 2023, from July 31, 2020, with two six-month extension options, and the interest rate was lowered to Libor plus 110 basis points, from Libor plus 120 basis points.

The operating partnership's $350 million term loan now matures Dec. 12, 2023, instead of on March 18, 2019, and the $500 million term loan due July 31, 2021, now has two six-month extension options. The $300 million term loan due July 25, 2024, will begin bearing interest at the new rate on July 28, 2019.

JPMorgan Chase Bank NA, Wells Fargo Securities LLC and Merrill Lynch Pierce Fenner & Smith Inc. acted as joint book runners and lead arrangers, with JPMorgan Chase Bank as administrative agent and Bank of America NA and Wells Fargo Bank NA acting as co-syndication agents for the revolver and the $500 million term loan facility.

JPMorgan Chase Bank, PNC Capital Markets LLC and RBC Capital Markets served as joint book runners and lead arrangers, with JPMorgan Chase Bank as administrative agent and PNC Bank NA and RBC Capital Markets as co-syndication agents for the $350 million term loan facility.

Wells Fargo Securities, PNC Capital Markets and U.S. Bank NA were the joint book runners and joint lead arrangers, with Wells Fargo Bank as administrative agent and PNC Bank and U.S. Bank as co-syndication agents for the $350 million term loan facility.