Kite Realty (KRG) Closes $115M Unsecured Term Loan; Amends Terms of $200M Revolver

May 1, 2012 8:29 AM EDT
Kite Realty Group Trust (NYSE: KRG) has closed on a new $115 million unsecured term loan.

The loan has a seven-year term and an interest rate of LIBOR plus 210 to 310 basis points, depending on the Company’s leverage. The Company has the option to increase the term loan under the term loan agreement by $10 million to $125 million, subject to certain conditions, including obtaining commitments from any one or more lenders, whether or not currently party to the term loan agreement, to provide such increased amounts. The Company received initial proceeds of $115 million from the unsecured loan, which will be used to retire the Company’s upcoming debt maturities including loans secured by Rivers Edge, Cobblestone Plaza, Estero Town Commons, Tarpon Springs Plaza, and Fox Lake Crossing and the remaining proceeds will be utilized to partially pay down the Company’s unsecured revolving credit facility.

KeyBanc Capital Markets and Wells Fargo Securities, LLC, acted as joint bookrunners and joint lead arrangers for the unsecured term loan. Other banks in the syndicate were The Huntington National Bank and Raymond James Bank, FSB.

In addition, the Company amended the terms of its existing $200 million unsecured revolving credit facility. The maturity date was extended to April 30, 2016 and the interest rate was reduced to LIBOR plus 190 to 290 basis points, depending on the Company’s leverage. The Company has the option to extend the maturity date to April 30, 2017.

The Company’s bank group for the amended $200 million unsecured revolving credit facility is led by KeyBank National Association, as Administrative Agent, and Bank of America, N.A., as Syndication Agent. Other banks in the syndicate include Wells Fargo Bank National Association, as Documentation Agent; Citicorp North America, Inc.; Raymond James Bank, FSB; Royal Bank of Canada; U.S. Bank National Association; JPMorgan Chase Bank, N.A.; and The Huntington National Bank.

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