Brixmor PropertyGroup Inc.'s Brixmor Operating Partnership LP extended the weightedaverage maturity and reduced the aggregate pricing of its existing $2.75 billioncredit facility, comprising a $1.25 billion unsecured revolver and $1.5 billionof unsecured term loan facilities.
The revolver was extended to July 31, 2020, from July 31, 2017,with two six-month extension options. The existing term loan, meanwhile, was reallocatedto two tranches, with the $1.0 billion tranche A term loan maturing July 31, 2018,and the $500 million tranche B term loan maturing July 31, 2021. Based on the operatingpartnership's current credit ratings, the revolver's effective interest rate wasdecreased to LIBOR plus 145 basis points, while the two-tranche term loans bothhave an effective interest rate of LIBOR plus 135 basis points.
Subject to lender commitments and other conditions, the facility'stotal potential capacity may be increased by up to $1.0 billion pursuant to thefacility's accordion feature.
J.P. Morgan Securities LLC, Wells Fargo Securities LLC and MerrillLynch Pierce Fenner & Smith Inc. were the lead arrangers, while JPMorgan ChaseBank NA was the administrative agent. Bank of America NA and Wells Fargo Bank NAwere the co-syndication agents.