Retail Properties Of America, Inc. Announces Binding Commitments For A $1.2 Billion Unsecured Credit Facility, Which Will Increase Total Capacity By $200 Million

OAK BROOK, Ill., Dec. 21, 2015 /PRNewswire/ -- Retail Properties of America, Inc. RPAI (the "Company") today announced it has obtained binding commitments for a $1.2 billion amended and restated unsecured credit facility. The funding is expected to close in January 2016, subject to the satisfaction of certain conditions, all of which are within sole control of the Company. Upon funding, the Company's existing unsecured credit facility will be amended and restated to:

$750 Million Unsecured Revolver

• Increase the capacity on the existing unsecured revolver by $200 million to $750 million;
• Set pricing, which is based on the Company's leverage, at LIBOR plus 135 basis points, a 15 basis point decrease from the previous rate;
• Extend the maturity date to four years from the funding date, from May 12, 2017; and
• Procure two additional six-month option periods.

$200 Million Unsecured Term Loan

• Reduce the loan amount on the existing unsecured term loan by $250 million to $200 million;
• Maintain pricing, which is based on the Company's leverage, at LIBOR plus 145 basis points;
• Retain the same maturity date of May 11, 2018; and
• Add two additional one-year option periods.

$250 Million Unsecured Term Loan

• Create a new unsecured term loan in the amount of $250 million, with the proceeds to be used to reduce the loan amount on the existing unsecured term loan described above by $250 million;
• Set pricing, which is based on the Company's leverage, at LIBOR plus 130 basis points; and
• Set the maturity date to five years from the funding date.

"This transaction further establishes RPAI's ability to access competitively priced capital in the unsecured debt markets," stated Heath Fear, executive vice president and chief financial officer. "We appreciate the continued commitment from our lending partners."

Wells Fargo Securities, LLC, KeyBanc Capital Markets Inc., U.S. Bank National Association, PNC Capital Markets LLC and Regions Capital Markets served as co-lead arrangers, with KeyBank, NA to serve as administrative agent and Wells Fargo Bank, NA to serve as syndication agent. U.S. Bank National Association, PNC Capital Markets LLC, Regions Capital Markets, Bank of America, N.A., Citibank, N.A., The Bank of Nova Scotia, Capital One, N.A., Deutsche Bank AG New York Branch and Morgan Stanley served as documentation agents.

About RPAI
Retail Properties of America, Inc. is a REIT and is one of the largest owners and operators of high quality, strategically located shopping centers in the United States. As of September 30, 2015, the Company owned 201 retail operating properties representing 29.2 million square feet. The Company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI. Additional information about the Company is available at www.rpai.com.

Contact Information
Michael Fitzmaurice, VP - Finance
Retail Properties of America, Inc.        
(630) 634-4233

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SOURCE Retail Properties of America, Inc.