EastGroup Closes $80M Unsecured Term Loan

EastGroup Properties, Inc. EGP today announced the closing of an $80 million unsecured term loan.  The loan has a six-year term and interest only payments.  It bears interest at the annual rate of LIBOR plus 190 basis points subject to a pricing grid for changes in the Company's leverage or credit ratings.  The Company also entered into an interest rate swap to convert the loan's LIBOR rate to a fixed interest rate, providing the Company an effective fixed rate of 2.92% per annum as of closing.  The Company plans to use the proceeds to reduce its variable rate bank borrowings.