Retail Opportunity Investments Corp. Amends and Extends Unsecured Credit Facility and Amends Unsecured Term Loan
06 Marzo 2023 - 7:00AM
Retail Opportunity Investments Corp. (NASDAQ:ROIC) announced today
that it amended and extended its $600 million unsecured credit
facility, extending the maturity date by three years (from February
2024 to March 2027). Additionally, the interest rate will now be
based on the Secured Overnight Financing Rate (“SOFR”) with an
adjusted pricing grid, and a Sustainability Metric feature, and
related pricing grid, were also added. Existing provisions to
extend the maturity date for two consecutive six-month periods and
an accordion feature, which allows the Company to increase the
facility amount by an additional $600 million, were maintained.
Additionally, ROIC amended its $300 million
unsecured term loan, which will also now be based on SOFR. The
accordion feature provision, which allows the Company to increase
the facility amount by an additional $200 million, was
maintained.
Michael B. Haines, Chief Financial Officer of
Retail Opportunity Investments Corp. stated, “By extending out the
maturity date on our credit line, we continue to maintain our
long-standing, strong and flexible financial position.”
The unsecured credit facility’s banking group
included KeyBanc Capital Markets, Inc., M&T Bank, PNC Capital
Markets LLC, Regions Bank and U.S. Bank, National Association as
Joint Lead Arrangers, with KeyBank National Association as
Administrative Agent, Swing Line Lender and L/C Issuer. Other
participants included Bank of America, N.A., JPMorgan Chase Bank,
N.A., and Wells Fargo Bank, National Association.
The unsecured term loan’s banking group included
KeyBanc Capital Markets, Inc., BMO Capital Markets and Regions
Capital Markets as Joint Lead Arrangers, with KeyBank National
Association as Administrative Agent and Capital One, National
Association as Documentation Agent. Other participants included
Bank of America, N.A., Citibank, N.A., JPMorgan Chase Bank, N.A.,
PNC Bank, National Association, U.S. Bank, National Association and
Wells Fargo Bank, National Association.
ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP.
Retail Opportunity Investments Corp. (NASDAQ:
ROIC), is a fully-integrated, self-managed real estate investment
trust (REIT) that specializes in the acquisition, ownership and
management of grocery-anchored shopping centers located
in densely-populated, metropolitan markets across the
West Coast. As of December 31, 2022, ROIC owned 93 shopping
centers encompassing approximately 10.6 million square feet.
ROIC is the
largest publicly-traded, grocery-anchored shopping
center REIT focused exclusively on the West Coast. ROIC
is a member of the S&P SmallCap 600 Index and has
investment-grade corporate debt ratings from Moody's Investor
Services, S&P Global Ratings and Fitch Ratings, Inc. Additional
information is available at: www.roireit.net.
When used herein, the words "believes,"
"anticipates," "projects," "should," "estimates," "expects,"
“guidance” and similar expressions are intended to identify
forward-looking statements with the meaning of that term in Section
27A of the Securities Act of 1933, as amended, and in Section 21F
of the Securities and Exchange Act of 1934, as amended. Certain
statements contained herein may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause
the actual results of ROIC to differ materially from future results
expressed or implied by such forward-looking statements.
Information regarding such risks and factors is described in ROIC's
filings with the SEC, including its most recent Annual Report on
Form 10-K, which is available at: www.roireit.net.
Contact:Nicolette O’Leary, Investor
Relations858-255-4913noleary@roireit.net
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