This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

EastGroup Properties Announces $225 Million Credit Facility

JACKSON, Miss., Jan. 3, 2013 /PRNewswire/ --  EastGroup Properties (NYSE-EGP) announced today a new four-year, $225 million unsecured revolving credit facility with a group of nine banks which was arranged by PNC Capital Markets LLC.  The interest rate on the facility is currently LIBOR plus 1.25% for a total of 1.46%, with an annual facility fee of .25%.  The line of credit, which matures in January 2017, can be expanded by $100 million and has an option for a one-year extension.  This credit facility replaces the expired $200 million credit facility.

(Logo: http://photos.prnewswire.com/prnh/20030519/EGPLOGO )

The Company also renewed its $25 million unsecured working cash credit facility for four years with PNC Bank on the same terms as the revolving credit facility.

David H. Hoster II, President and CEO of EastGroup, stated, "We are pleased with the quality and depth of our bank group and by the level of loan commitments, which resulted in the facility being oversubscribed.  EastGroup continues to demonstrate its access to the capital markets at attractive rates.

"The administrative agent for the credit facility is PNC Bank, which led the strong and diverse syndicate of regionally and nationally focused banks, that includes Wells Fargo Bank, U.S. Bank, SunTrust Bank, Regions Bank, Bank of America, Trustmark National Bank, The Bank of New York Mellon and Raymond James Bank."

EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina. The Company's strategy for growth is based on its property portfolio orientation toward premier distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 32 million square feet.

EastGroup Properties, Inc. press releases are available at www.eastgroup.net .

 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,135.72 +38.82 0.21%
S&P 500 2,101.04 +2.51 0.12%
NASDAQ 4,982.8090 +15.6680 0.32%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs