Regency Closes $500M Unsecured Credit Facility

JACKSONVILLE, FL-Regency Centers Corp. has closed an amended and restate unsecured revolving credit facility for $500 million, reducing its existing facility of $600 million. A consortium of 17 banks participated in the deal.The new agreement gives the locally based retail REIT a one-year extension option on the three-year line of credit, according to the company’s prepared statement. The interest rate is equal to the London Interbank Overnight Rate, plus a margin based on the credit ratings of the company’s long-term unsecured debt.At the time of the agreement, the applicable interest rate is Libor plus 75 basis points, a reduction of 10 basis points from the prior contract. The facility also includes a competitive bid option program that allows the company to hold auctions among the participating lenders in the facility for short-term funds totaling up to 50% of the facility amount.Wells Fargo Bank acted as the sole lead arranger and agent. Titled agents include Wachovia Bank, as the sole syndication agent; PNC Bank, JPMorgan Chase Bank and SunTrust Bank as documentation agents; and AmSouth Bank, Commerzbank, New York Branch, ING Real Estate Finance (USA) LLC and SouthTrust Bank as managing agents.Other participating lenders include US Bank, Sumitomo Mitsui Banking Corp., Chevy Chase Bank, Compass Bank, Commercebank, First Horizon Bank, Israel Discount Bank of New York, Chang Hwa Commercial Bank Ltd, New York Branch and Comerica Bank.Regency Centers owns 265 retail properties, including those held in joint ventures, totaling 30.3 million sf located in high-growth markets throughout the US.