Phillips Edison Completes $208M Credit Facility
Bank of America Lead Arranger on Facility that can be increased to $500
Million
CINCINNATI, May 12 /PRNewswire/ — Phillips Edison & Company today
announced that it has completed a
08 million secured revolving credit
facility. Banc of America Securities is the Lead Arranger and Bank of
America, N.A. is the Administrative Agent. Wells Fargo Bank serves as the
Documentation Agent and Huntington National Bank is the Syndication Agent.
Other bank participants include JPMorgan Chase Bank, Charter One Bank and
Union Bank of California. The credit facility, which can be increased to
$500 million, has a term of three years with two one-year extension
options.
“In this challenging credit environment, we are pleased with the strong
support and confidence that our bank group has continued to show in our
growth strategy,” noted Raymond D. Martz, Chief Financial Officer of
Phillips Edison & Company. “This debt facility will serve as the primary
debt vehicle for our property acquisition program and should allow us to
continue to capitalize on opportunities in the market.”
“We are thrilled to lead this credit facility for Phillips Edison and
look forward to continue to provide quality financial solutions to help
them grow,” said Steve Karn, Bank of America Commercial Real Estate Banking
Client Manager.
Phillips Edison & Company specializes in the acquisition,
redevelopment, leasing, and management of anchored neighborhood and
community shopping centers. The Company’s portfolio includes 228
properties, totaling over 24 million square feet in 34 states. The
privately owned, fully integrated real estate company was started in 1991
and has corporate offices in Baltimore, Cincinnati and Salt Lake City.
Additional information about Phillips Edison & Company is available at
http://www.phillipsedison.com .
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Source: Real Estate Newswire