UPDATE: Wheeler Real Estate Investment Trust, Inc. Secures $45M Credit Facility with KeyBank
Wheeler Real Estate Investment Trust, Inc. (NASDAQ: WHLR) ("Wheeler" or the "Company") announced today that it has secured a $45 million revolving credit facility with KeyBank National Association. The Company expects primarily to use the facility to acquire select grocery-anchored properties located in its targeted secondary and tertiary markets throughout the Northeast, Mid-Atlantic, Southeast, and Southwest regions of the United States. The new facility will replace the Company's previous $25 million secured guidance credit facility with KeyBank which was set to expire December 31, 2015.
The revolver, led by KeyBanc Capital Markets as Arranger, will initially provide the ability to borrow up to $45 million, with KeyBank National Association providing the full commitment. The facility includes a provision that under certain conditions allows for expansion of the facility to a maximum of $100 million through syndication with other lenders.
Jon S. Wheeler, Chairman and Chief Executive Officer of Wheeler, commented, "Now is an exceptional time in our targeted secondary and tertiary markets to acquire assets at a discount to replacement costs. This new credit facility increases our base of capital at favorable interest rates which allows us to take further advantage of the available pipeline of ‘necessity-based' grocery anchored shopping centers located in these markets. We are pleased to be working again with KeyBank."
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.