Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced today that it has amended and increased its existing $125 million Unsecured Term Loan (as amended, the “amended Term Loan”) to $230 million. The amended Term Loan has a maturity date of February 21, 2019, which includes a six-month extension option. The LIBOR-based interest rate applicable to the amended Term Loan was reduced to 1.45% to 2.45%, depending on the Company’s leverage, from the previous rate of 2.10% to 3.10%. The amended Term Loan also provides for an additional increase in total borrowing to $300 million, subject to certain conditions, including obtaining commitments from any one or more lenders. The operating and financial covenants for the amended Term Loan were unchanged and are substantially similar to those in place under the Company’s unsecured revolving credit facility.
The $105 million of additional proceeds from the amended Term Loan will be used to pay down amounts outstanding under the Company’s revolving credit facility.
The bank group for the amended Term Loan is led by KeyBank National Association, as Administrative Agent, and Wells Fargo Bank National Association, as Syndication Agent. Other banks in the syndicate include JPMorgan Chase Bank, N.A., Bank of America, N.A., and U.S. Bank National Association, as Co-Documentation Agents and Raymond James Bank, N.A., Regions Bank, SunTrust Bank; Fifth Third Bank, 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 June 30, 2013, the Company owned interests in a portfolio of 63 operating and redevelopment properties totaling approximately 9.9 million square feet and four development properties currently under construction totaling 1.2 million square feet.