Equity One Closes $200 Million Seven Year Unsecured Term Loan
Equity One, Inc. (NYSE: EQY) announced that it has closed a $200 million unsecured term loan. The term loan has a seven year term maturing in February 2019 and can be increased to $250 million through an accordion feature. The term loan bears interest at the annual rate of LIBOR plus 190 basis points subject to a pricing grid for changes in the company's credit ratings.
The company also entered into interest rate swaps to convert the term loan's LIBOR rate to a fixed interest rate, providing the company an effective fixed interest rate on the term loan of 3.46% per annum based on the company's current credit ratings. Proceeds from the financing are being used to pay down outstanding amounts on the company's $575 million revolving credit facility and for acquisitions, development projects and general corporate purposes.
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