CHICAGO—Officials from InvenTrust Properties Corp. said last week that they had entered into a new $300 million unsecured term loan credit facility with a group of lenders led by Wells Fargo Securities, LLC. The company can use the facility for general corporate purposes including acquisitions and maturing debt payoffs. It significantly increases InvenTrust's financial resources for both working capital and the company's future debt maturities.
"The execution of this new credit facility provides an opportunity to enhance InvenTrust's strong capital position and balance sheet capacity," says Michael E. Podboy, executive vice president – chief financial officer, chief investment officer of InvenTrust. "We also expect it will lower our overall cost of financing and fund the retirement of a portion of our secured debt maturing in 2017."
As reported in GlobeSt.com, Podboy, who most recently held the title of chief investment officer, was appointed to his present position following the resignation of Jack Potts, the company's chief financial officer and treasurer. Those actions were effective on November 23.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
