Unsecured credit

InvenTrust Properties Corp. enters into $ 750 million modified unsecured credit facility

DOWNERS GROVE, Illinois – (COMMERCIAL THREAD) – InvenTrust Properties Corp. (“InvenTrust”, “IVT” or the “Company”) today announced that it has entered into a modified unsecured credit facility of $ 750 million, consisting of a modified term loan of $ 400 million and a modified revolver of $ 350 million (the “Facility). The facility is available for general business purposes, including acquisitions and other uses of working capital.

“We are delighted with the support and confidence that our credit group continues to demonstrate in our portfolio of high quality Sun Belt assets, anchored in the grocery store, ”said David Heimberger, senior vice president of capital markets, investor relations and transactions. “This facility maintains balance sheet flexibility and prepares InvenTrust to achieve our strategic portfolio goals as we enter our planned next phase as a publicly traded company.

In recognition of InvenTrust’s performance at the end of the pandemic and the core retail assets of the Company’s portfolio, the capitalization rate used to calculate certain financial commitments under the facility improved by 25 basis points to 6.5%. The modified revolving credit facility also allows for an additional margin reduction of 1 basis point if certain environmental, social and governance (“ESG”) objectives are met.

The Company has disclosed the following terms of the Facility:

$ 350 million unsecured revolving line of credit

  • Based on the leverage of the Company, the price is LIBOR plus 105 basis points.

  • Extension of the due date to September 2025 (with the additional option of two 6-month extension options) from December 2022.

$ 200 million unsecured term loan

  • Based on the leverage of the Company, the price is LIBOR plus 120 basis points.

  • Extension of the due date to September 2026 from December 2023.

$ 200 million unsecured term loan

  • Based on the leverage of the Company, the price is LIBOR plus 120 basis points.

  • Extension of the due date to March 2027 from June 2024.

With respect to the Amended Revolving Credit Facility, KeyBanc Capital Markets Inc. and Wells Fargo Securities, LLC acted as co-book managers, and KeyBanc Capital Markets, Inc., Wells Fargo Securities, LLC, JPMorgan Chase Bank , NA, BofA Securities, Inc., and PNC Capital Markets LLC acted as Joint Principal Arrangers.

With respect to the Amended Term Loan Facility, Wells Fargo Securities, LLC, KeyBanc Capital Markets Inc. and BofA Securities, Inc. acted as associate bookkeepers, and Wells Fargo Securities, LLC, KeyBanc Capital Markets Inc ., US Bank National Association, Fifth Third Bank, National Association, BofA Securities, Inc. and PNC Capital Markets LLC acted as Joint Principal Arrangers.

In addition, First Horizon, Pinnacle Bank and United Bank have joined the Facility.

About InvenTrust Properties Corp.

InvenTrust Properties Corp. (IVT) is a leading Sun Belt multi-tenant retail REIT that owns, leases, remodels, acquires and operates neighborhood and community centers anchored in grocery stores as well as high quality energy hubs that often have a grocery component. The Company continues to execute its strategy by investing in Sun Belt markets in assets with a critical retail profile, while demonstrating a focused and disciplined capital allocation. IVT is also committed to playing a leading role in environmental, social and governance (ESG) issues and has been a member of the Global Real Estate Sustainability Benchmark (“GRESB”) since 2018. As of June 30, 2021, the company is owner and manager of 65 commercial properties, representing 10.8 million square feet of commercial space.

Disclaimer Regarding Forward-Looking Statements

The forward-looking statements contained in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements which are not historical, including statements concerning management’s intentions, beliefs, expectations, representations, plans or predictions for the future and are usually identified by words such as “may”, “could”, “expect”, “intend to”, ” plan “,” seek “,” anticipate “,”, “estimate”, “predict”, “potential”, “continue”, “probably”, “will”, “should” and variations of these and other terms similar expressions, or the negative form of such terms or similar expressions. These forward-looking statements are necessarily based on estimates and assumptions which, while believed to be reasonable by us and our management, are inherently uncertain. The following factors, among others, could cause actual results, financial condition and timing of certain events to differ materially from those described in forward-looking statements: the effects and duration of the COVID-19 pandemic; interest rate movements; local, regional, national and global economic performance; competitive factors; the impact of electronic commerce on the retail sector; future retail store closures; grouping of retailers; retailers are reducing store sizes; retailer bankruptcies; the Company’s ability to meet and then maintain the listing requirements of a national stock exchange; changes in government policy; and any significant market changes and trends that could affect the Company’s decision to consume an alternative liquidity. For more information on factors that could materially affect the outcome of our forward-looking statements, future results and financial condition, see the risk factors included in InvenTrust’s most recent annual report on Form 10-K, as updated by any subsequent quarterly report on Form 10-Q, in each case as filed with the Securities and Exchange Commission. InvenTrust intends that such forward-looking statements be subject to the safe harbor rules created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, unless the law applicable requires it. . We caution you not to place undue reliance on forward-looking statements, which are made as of the date of this press release. We assume no obligation to publicly update any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make further updates with respect to such or other forward-looking statements.


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