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Retail Opportunity Investments Corp. Closes On $200 Million Senior Unsecured Revolving Credit Facility & $200 Million Senior Unsecured Term Loan

Stocks in this article: ROIC

SAN DIEGO, Aug. 30, 2012 (GLOBE NEWSWIRE) -- Retail Opportunity Investments, Corp. (the "Company") (Nasdaq:ROIC) , a fully integrated owner and operator of shopping centers, announced today that it has amended and restated its $175 million senior unsecured revolving credit facility and $110 million senior unsecured term loan facility, extending their term by two years and increasing their size by $115 million, while simultaneously reducing borrowing costs.

John B. Roche, the Company's Chief Financial Officer commented, "The refinancing of our unsecured facilities, at spreads approximately 40 basis points inside our existing facilities, reflects our continued success in executing the Company's business plan and our commitment to a conservative and flexible capital structure. As of June 30, 2012, debt to total market capitalization was 26.5% and approximately 91% of the Company's portfolio was unencumbered. In addition to tighter spreads, the new facilities include a covenant package consistent with our investment grade peers and reflect our lenders' confidence in the Company. Proceeds from the term loan facility will be used to pay off the outstanding debt under the Company's existing credit facility, while the restructured revolving credit facility will provide us with additional flexibility to continue to grow our portfolio." 

The unsecured revolving credit facility has an initial maturity date of August 29, 2016 with a borrower's option to extend the revolving credit facility for one year, while the term loan facility has a maturity date of August 29, 2017. Each facility has the same LIBOR-based borrowing margin, initially priced off a grid that is tied to the Company's leverage ratio. Based on the Company's current leverage, the facilities will bear interest at a rate of LIBOR plus 155 basis points. If the Company receives an investment grade credit rating from at least two rating agencies, the borrowing margin converts to a ratings-based grid. Additionally, both the credit facility and the term loan facility contain an accordion feature, providing the Company with the ability to increase the amount of both facilities to $300 million, subject to commitments and other conditions.

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