SL Green Realty Corp. Announces New $1.6B Credit Facility
SL Green Realty (NYSE: SLG) today announced that it has closed on a new $1.6 billion credit facility, which refinances, extends and upsizes the Company's previous $1.5 billion revolving credit facility that was put in place in November 2011. The new facility consists of a $1.2 billion revolving line of credit and a $400 million term loan, which currently bear interest at 145 basis points over LIBOR and 165 basis points over LIBOR, respectively. The facility now has an extended maturity date of March 2018, inclusive of the Company's aggregate one-year as of right extension option on the revolving line of credit.
Matt DiLiberto, Chief Accounting Officer for SL Green, commented "We have been intently focused on continuing to strengthen our balance sheet. The attractive pricing, additional term and increased size of this facility from some of the world's highest quality financial institutions demonstrates how effective our efforts have been. With our new facility, we will continue working to enhance our credit profile in addition to pursuing future growth opportunities.”
Wells Fargo Securities, LLC; J.P. Morgan Securities LLC; and Deutsche Bank Securities Inc. were Joint Lead Arrangers and Joint Book Runners, with Wells Fargo Bank, NA serving as the Administrative Agent, JPMorgan Chase Bank, N.A. serving as the Syndication Agent and Deutsche Bank Trust Company Americas serving as the Co-Documentation Agent.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.