Weingarten Realty Investors extended the maturity date of its $500 million unsecured revolving credit facility to March 2024, with two six-month extension options.

The shopping center real estate investment trust also amended the facility to improve the borrowing margin to London interbank offered rate plus 82.5 basis points. The revolver includes a competitive bid option that allows the REIT to request bids for up to $250 million, along with an accordion feature that could boost the facility's amount to as much as $850 million.

Proceeds will be used to finance acquisitions and new development projects, as well as for general corporate purposes.

JPMorgan Chase Bank NA and BofA Securities Inc. are the joint book runners, while JPMorgan, BofA Securities, U.S. Bank NA, Wells Fargo Securities LLC and PNC Capital Markets LLC are the joint lead arrangers. JPMorgan and Bank of America NA are the administrative agent and syndication agent, respectively. U.S. Bank, Wells Fargo Bank NA, PNC Bank NA, Regions Bank, The Bank of Nova Scotia and Truist Bank are the documentation agents.