An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
SITE Centers Refinances $950 Million Unsecured Revolving Credit Facility and Upsizes Unsecured Term Loan Facility
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
SITE Centers Corp. (NYSE:SITC) announced refinanced credit facilities, extending maturity dates and increasing loan amounts. The unsecured revolving credit facility was amended to $950 million, maturing on June 6, 2026, with potential extensions. The unsecured term loan was upsized to $200 million from $100 million, maturing June 6, 2027. The refinancing transitioned benchmarks from LIBOR to SOFR, including a sustainability-linked pricing component for reduced interest rates based on performance targets.
Positive
Refinanced $950 million unsecured revolving credit facility with new maturity of June 6, 2026.
Upsized unsecured term loan to $200 million from $100 million, maturing on June 6, 2027.
Transitioned from LIBOR to SOFR, aligning with modern financial practices.
Innovative sustainability-linked pricing offers potential for reduced interest rates based on performance.
Negative
None.
BEACHWOOD, Ohio--(BUSINESS WIRE)--
SITE Centers Corp. (NYSE:SITC), an owner of open-air shopping centers in suburban, high household income communities, announced today that it has refinanced its unsecured revolving credit facility and extended its maturity. The company also refinanced its unsecured term loan and upsized the agreement to $200 million from $100 million, with the additional proceeds available via a delayed draw feature, and extended its maturity. As part of the refinancing, the underlying benchmark will transition to SOFR from LIBOR. The recast facilities also feature a sustainability-linked pricing component whereby the applicable interest rate margin can be reduced if the Company meets certain sustainability performance targets.
The amended $950 million unsecured revolving credit facility has an initial maturity of June 6, 2026 with two six-month extension options. Based on SITE Centers’ current credit ratings, pricing on the refinanced revolving credit facility was set at SOFR plus 85 basis points and a 10 basis point credit spread adjustment.
SITE Centers also amended and upsized its unsecured term loan increasing potential borrowings to $200 million from $100 million. The maturity date was extended to June 6, 2027. Pricing of the unsecured term loan was set at SOFR plus 95 basis points and a 10 basis point credit spread adjustment based on SITE Centers’ current credit ratings with $100 million available via a delayed draw feature through December 6, 2022. At closing, the Company has not drawn any amounts under the delayed draw feature.
JPMorgan Chase Bank, N.A. and Wells Fargo Securities, LLC served as Joint Bookrunners, JPMorgan Chase Bank, N.A. served as Administrative Agent, and JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC, Citizens Bank, N.A., KeyBanc Capital Markets Inc., PNC Capital Markets LLC, RBC Capital Markets, and U.S. Bank National Association served as Joint Lead Arrangers on the amended $950 million revolving credit facility.
Wells Fargo Securities, LLC and JPMorgan Chase Bank, N.A. served as Joint Bookrunners, Wells Fargo Bank, N.A. served as Administrative Agent, and Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Citizens Bank, N.A., KeyBanc Capital Markets Inc., PNC Capital Markets LLC, RBC Capital Markets, and U.S. Bank National Association served as Joint Lead Arrangers on the upsized $200 million unsecured term loan.
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.
Conor Fennerty, EVP and
Chief Financial Officer
216-755-5500
Source: SITE Centers Corp.
FAQ
What is the latest update on SITE Centers Corp. regarding credit facilities?
SITE Centers Corp. recently refinanced its unsecured revolving credit facility to $950 million and upsized its unsecured term loan to $200 million.
When do the new maturities for SITE Centers Corp.'s loans expire?
The unsecured revolving credit facility matures on June 6, 2026, and the unsecured term loan matures on June 6, 2027.
What financial benchmark is SITE Centers Corp. using after the refinancing?
SITE Centers has transitioned its financial benchmarks from LIBOR to SOFR after the refinancing.
What are the benefits of the new sustainability-linked pricing for SITE Centers Corp.?
The sustainability-linked pricing allows for a reduction in the interest rate margin if SITE Centers meets specific sustainability performance targets.
