Kite Realty Group Trust Enters into a $115 Million Unsecured Term Loan; Amends and Extends Its $200 Million Unsecured Revolving Credit Facility

Kite Realty Group Trust KRG announced today that it has closed on a new $115 million unsecured term loan. The loan has a seven-year term and an interest rate of LIBOR plus 210 to 310 basis points, depending on the Company's leverage. The Company has the option to increase the term loan under the term loan agreement by $10 million to $125 million, subject to certain conditions, including obtaining commitments from any one or more lenders, whether or not currently party to the term loan agreement, to provide such increased amounts. The Company received initial proceeds of $115 million from the unsecured loan, which will be used to retire the Company's upcoming debt maturities including loans secured by Rivers Edge, Cobblestone Plaza, Estero Town Commons, Tarpon Springs Plaza, and Fox Lake Crossing and the remaining proceeds will be utilized to partially pay down the Company's unsecured revolving credit facility. In addition, the Company amended the terms of its existing $200 million unsecured revolving credit facility. The maturity date was extended to April 30, 2016 and the interest rate was reduced to LIBOR plus 190 to 290 basis points, depending on the Company's leverage. The Company has the option to extend the maturity date to April 30, 2017.