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Pennsylvania REIT modifies, extends term loan


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Pennsylvania REIT modifies, extends term loan

PennsylvaniaReal Estate Investment Trust modified its 2015 seven-year termloan, increasing potential borrowings under the agreement to $250.0 millionfrom $100.0 million.

It also expanded the accordion feature to $400.0 millionfrom $200.0 million and pushed the maturity to Dec. 29, 2021, from Jan. 7,2021. Interest rates at all leverage levels in the pricing grid were lowered.

The amendment allows for deferred draws in up to fourincrements over the first year of the loan, with respect to the $150.0 millionincrease in available borrowings. Any commitments not drawn at the conclusionof a one-year period after the amendment will be terminated.

As of June 30, $100.0 million was outstanding under the loanagreement.