Entertainment Properties Trust (EPR) Closes $240M Unsecured Facility

Entertainment Properties Trust (NYSE: EPR) has closed a new $240 million five year unsecured term loan facility. The loan matures on January 5, 2017. The facility is priced based on a grid related to the Company’s senior unsecured credit ratings, with pricing at closing of LIBOR plus 175 basis points. The Company also entered into interest rate swaps that fix the all-in rate on this loan at 2.66% for the first four years of the term. The new facility also contains an “accordion” feature allowing it to be increased by up to an additional $110 million upon satisfaction of certain conditions. The net proceeds from this new term loan facility were primarily utilized to reduce the outstanding balance of the Company’s revolving credit facility to zero.

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