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Equity One Enters Into $340M Credit Facility

MIAMI-The unsecured revolving credit facility is in anticipation of its merger with IRT Property Co., planned to close Feb. 12. Part of the facility will go to IRT shareholders, fund transaction expenses, and repay about $61.6 million in secured mortgage debt and $8 million in unsecured borrowings.

By Melissa Bogdany | Updated on February 12, 2003

MIAMI-Equity One Inc., a North Miami Beach-based REIT involved in a proposed merger with Atlanta-based IRT Property Co., has entered into a $340 million unsecured revolving credit facility. The funds are in anticipation of the merger closing, which is expected to happen Feb. 12.

Equity One plans to use part of the facility to fund part of the cash to be paid to IRT shareholders, to pay transaction costs, and to repay about $61.6 million in secured mortgage debt and $8 million in unsecured borrowings. Wells Fargo, the administrative agent and sole lead arranger of the deal, has arranged 14 more banks’ participation in the facility.

It has an initial term of three years with a one-year extension option. The facility also has an “accordion feature,” allowing the company to increase the commitment from $340 million to $400 million.

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