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.

Formerly known as Inland American Real Estate Trust, Inc., the Oak Brook, IL-based company has been a very active retail buyer this year, snapping up significant properties in the metro areas of Dallas, Atlanta, Richmond and Denver. Earlier this year the company changed its name to InvenTrust Properties Corp. Founded in 2005, the trust established its independence from the Inland group of companies on December 31, 2014 and officials say the name switch was a necessary step in this transition.

The company has also just appointed Lance W. Billingsley as senior vice president of leasing. Billingsley has more than 25 years of shopping center leasing experience and was most recently director of anchor leasing for Federal Realty Investment Trust. He will oversee the leasing of the company's retail portfolio and manage leasing teams based in Dallas, Houston, Atlanta and Oak Brook.

The new facility includes an accordion feature that allows the company, under certain circumstances, to increase its size by up to an additional $300 million. The facility, which is separate from but pari passu with the company's existing $300 million unsecured line of credit, is comprised of two tranches: $200 million with a term of just more than five years and $100 million with a term of seven years. The facility may be drawn for one year from the agreement date, after which the unused portion will terminate.

Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith, Inc. acted as joint lead arrangers for the five-year tranche and PNC Capital Markets LLC acted as joint lead arranger for the seven-year tranche. Wells Fargo Bank, N.A. is the administrative agent. Bank of America, N.A. is the syndication agent for the five-year tranche and PNC Bank, N.A. is the syndication agent for the seven-year tranche.