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EastGroup Properties secures $350M revolving credit facility

Industrial real estate investment trust EastGroup Properties Inc. secured a new $350 million revolving credit facility, replacing its previous $300 million facility.

The new facility includes a $150 million accordion feature and has an initial maturity date of July 30, 2022, with two six-month extension options.

The facility bears interest at the London Interbank Offered Rate plus a margin of 0.825% to 1.55%, or a base rate plus a margin of up to 0.55%, depending on the company's credit ratings.

PNC Capital Markets LLC and Regions Capital Markets are the joint lead arrangers and joint book runners while PNC Bank NA is the administrative agent for the facility. The facility also includes Regions Bank, Bank of America NA, U.S. Bank NA, Wells Fargo Bank NA, The Bank of New York Mellon, Trustmark National Bank, BankPlus and Raymond James Bank NA.