The account is being termed a "credit facility," according to Steve Richter, Weingarten senior vice president and CFO. He told GlobeSt.com that the funds aren't earmarked for a specific purpose. "The credit facility simply gives us an opportunity to develop and acquire properties as we've always done," he says."We utilize borrowed funds to take advantage of opportunities and then we refinance the revolving credit line. It's the way we've always operated."
The new facility matures in November 2003 and contains a one-year extension, at the company's sole option, and includes a competitive bid option that allows for auctions at lower pricing for 30, 60 or 90 day funding, with a $175-million ceiling. The interest rate is LIBOR plus 50 basis points.
Involved in the financing are Chase Securities Inc., Bank of America Securities LLC, Chase Manhattan Bank, Commerzbank AG, Bank One, First Union National Bank, PNC Bank, Compass Bank, SouthTrust Bank, Sumitomo and Wells Fargo Bank.
The Weingarten Investors REIT, headquartered in Houston, has 251 income-producing properties in 14 states. The portfolio, primarily in the southwestern US, includes 196 shopping centers, 53 industrial properties, one apartment complex and one office building with an aggregate of more than 28 million sf.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
