Empire State Realty Trust Announces New $850 Million Unsecured Revolving Credit Facility
Empire State Realty Trust (NYSE: ESRT) has secured an $850 million, four-year unsecured revolving credit agreement to enhance its liquidity and financial flexibility. The facility, which matures on March 31, 2025, can be extended twice for six months each. This replaces the prior facility set to expire in 2021. The credit line features a sustainability-linked pricing mechanism, which may lower borrowing costs based on achieving specific benchmarks. The arrangement, led by top financial institutions, signals confidence in ESRT's capital access and asset management capabilities.
- Secured an $850 million revolving credit agreement, enhancing liquidity and flexibility.
- The facility features a sustainability-linked pricing mechanism, potentially lowering borrowing costs.
- Demonstrates lender confidence in ESRT's asset management and capital market access.
- None.
Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), a leading real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area, today announced that it has closed on an
“We are pleased to close on our new four-year revolving credit facility that maintains our robust liquidity position and extends our balance sheet flexibility,” said Christina Chiu, Empire State Realty Trust’s Executive Vice President and Chief Financial Officer. “The strong execution reinforces the lenders’ views of ESRT as an experienced, well-capitalized owner and operator of quality assets and ESRT’s ability to access the capital markets.”
The new unsecured revolving credit facility was arranged by BofA Securities, Inc., Wells Fargo Securities, LLC, Capital One, National Association, JPMorgan Chase Bank, N.A., and U.S. Bank National Association as Joint Lead Arrangers. Bank of America, N.A. is the Administrative Agent. U.S. Bank National Association is the Documentation Agent. Bank of Montreal and Goldman Sachs Bank USA are Senior Managing Agents. Other lenders include KeyBank National Association and Morgan Stanley Senior Funding, Inc.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the “World's Most Famous Building.” The company's office and retail portfolio covers 10.1 million rentable square feet, as of Dec. 31, 2020, which consists of 9.4 million rentable square feet across 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; as well as approximately 700,000 rentable square feet in the retail portfolio.
Empire State Realty Trust is a leader in energy efficiency in the built environment and sustainability space, with 76 percent of the eligible portfolio ENERGY STAR certified and 100 percent fully powered by renewable wind electricity. As the first commercial real estate portfolio in the Americas to achieve the evidence-based, third-party verified WELL Health-Safety Rating for health and safety, ESRT additionally earned the highest possible GRESB 5 Star Rating and Green Star recognition for sustainability performance in real estate and was named a Fitwel Champion for healthy, high-performance buildings. To learn more about Empire State Realty Trust, visit empirestaterealtytrust.com and follow ESRT on LinkedIn, Instagram, Twitter and Facebook for all of the latest announcements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210331005938/en/
