FARMINGTON HILLS, MICH.—Ramco-Gershenson Properties Trust has closed a $360 million unsecured credit facility that amends and restates the company’s prior $250 million facility. The amended facility is comprised of a $240 million revolving line of credit with a four-year term and one-year extension option and a five-year $120 million term loan.
The facility can be upsized to $450 million through an accordion feature. Borrowings under the facility will bear interest at LIBOR plus 165 basis points subject to a pricing grid for changes in the company’s leverage ratio.
KeyBanc Capital Markets acted as lead manager and arranger for the facility. JPMorgan Chase Bank N.A. and Bank of America N.A. acted as co-syndication agents, and Deutsche Bank Securities Inc. and PNC Bank, National Association acted as co-documentation agents. Other lenders participating in the facility are RBS Citizens N.A., Capital One N.A., The Huntington National Bank, Comerica Bank and Branch Banking and Trust Company.
