SL Green Realty Corp. Announces New $1.5 Billion Unsecured Line of Credit
SL Green Realty Corp. (NYSE: SLG) today announced that it has closed on a new $1.5 billion unsecured revolving credit facility, which refinances the Company's previous $1.5 billion unsecured revolving credit facility that was set to mature in June 2012. The new investment grade facility currently bears interest at 150 basis points over LIBOR, which is based on the unsecured bond rating of Reckson Operating Partnership, L.P. The facility matures in November 2016, inclusive of the Company's one-year as of right extension option, and features a more flexible structure and covenant package.
The facility was arranged by Wells Fargo Securities, LLC; J.P. Morgan Securities LLC; and Deutsche Bank Securities Inc.
James Mead, Chief Financial Officer for SL Green, commented "The new credit facility was strongly oversubscribed by a collection of some of the world's most liquid and highest quality financial institutions. We are pleased with this demonstration of sponsorship and with an execution that resulted in efficient investment grade pricing, terms and conditions."
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