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Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced today that it has amended the terms of its existing $200 million unsecured revolving credit facility. The maturity date was extended by ten months to February 26, 2017 and the interest rate was reduced from LIBOR plus 190 to 290 basis points to LIBOR plus 165 to 250 basis points, depending on the Company’s leverage. The Company has the option to extend the maturity date to February 26, 2018. The Company also increased the expansion feature in the unsecured revolving credit facility from $300 million to $400 million, subject to certain conditions.
The Company’s bank group for the amended $200 million unsecured revolving credit facility is led by KeyBank National Association, as Administrative Agent, and Bank of America, N.A., as Syndication Agent. Other banks in the syndicate include Wells Fargo Bank National Association, as Co-Documentation Agent; U.S. Bank National Association, as Co-Documentation Agent; JPMorgan Chase Bank, N.A.; Citibank, N.A.; Raymond James Bank, N.A.; and The Huntington National Bank.
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust engaged in the ownership, operation, management, leasing, acquisition, construction, redevelopment and development of neighborhood and community shopping centers in selected markets in the United States. At December 31, 2012, the Company owned interests in a portfolio of 60 operating and redevelopment properties totaling approximately 9.3 million square feet and three properties currently under development totaling 0.5 million square feet.