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Weingarten Obtains $350-Mil Revolving Credit Line

HOUSTON-Weingarten Realty Investors pumps just a little extra in the coffer, increasing its revolving credit line to $350 million from $200 million. There's no particular strategy in play other than business as usual for developing and buying properties.

By Jack Burney | Updated on December 01, 2000

HOUSTON-Weingarten Realty Investors has just rolled over a previous $200-million revolving line of credit into a new $350-million line.

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.

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