SL Green Realty Corp. Announces New $1.5 Billion Unsecured Line Of Credit

SL Green Realty Corp. (NYSE:SLG) today announced that it has closed on a new $1.5 billion unsecured revolving credit facility, which refinances the Company’s previous $1.5 billion unsecured revolving credit facility that was set to mature in June 2012. The new investment grade facility currently bears interest at 150 basis points over LIBOR, which is based on the unsecured bond rating of Reckson Operating Partnership, L.P. The facility matures in November 2016, inclusive of the Company’s one-year as of right extension option, and features a more flexible structure and covenant package.

The facility was arranged by Wells Fargo Securities, LLC; J.P. Morgan Securities LLC; and Deutsche Bank Securities Inc.

James Mead, Chief Financial Officer for SL Green, commented "The new credit facility was strongly oversubscribed by a collection of some of the world's most liquid and highest quality financial institutions. We are pleased with this demonstration of sponsorship and with an execution that resulted in efficient investment grade pricing, terms and conditions."

He continued, “We will now move forward to pursue future growth opportunities with a credit facility that is greatly simplified, and that increases our flexibility to fund our growth while enhancing our appeal to corporate unsecured bond markets.”

Company Profile

SL Green Realty Corp., New York City's largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2011, SL Green owned interests in 58 Manhattan properties totaling more than 35.3 million square feet. This included ownership interests in 25.8 million square feet of commercial properties and debt and preferred equity investments secured by 9.5 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests and debt and preferred equity interests in 32 suburban assets totaling 7.3 million square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 465,000 square feet.