EastGroup Properties Announces $225 Million Credit Facility
JACKSON, Miss., Jan. 3, 2013 /PRNewswire/ -- EastGroup Properties (NYSE-EGP) announced today a new four-year, $225 million unsecured revolving credit facility with a group of nine banks which was arranged by PNC Capital Markets LLC. The interest rate on the facility is currently LIBOR plus 1.25% for a total of 1.46%, with an annual facility fee of .25%. The line of credit, which matures in January 2017, can be expanded by $100 million and has an option for a one-year extension. This credit facility replaces the expired $200 million credit facility.
The Company also renewed its $25 million unsecured working cash credit facility for four years with PNC Bank on the same terms as the revolving credit facility.
David H. Hoster II, President and CEO of EastGroup, stated, "We are pleased with the quality and depth of our bank group and by the level of loan commitments, which resulted in the facility being oversubscribed. EastGroup continues to demonstrate its access to the capital markets at attractive rates.
"The administrative agent for the credit facility is PNC Bank, which led the strong and diverse syndicate of regionally and nationally focused banks, that includes Wells Fargo Bank, U.S. Bank, SunTrust Bank (STI), Regions Bank, Bank of America, Trustmark National Bank, The Bank of New York Mellon and Raymond James Bank."
EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina. The Company's strategy for growth is based on its property portfolio orientation toward premier distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 32 million square feet.
EastGroup Properties, Inc. press releases are available at www.eastgroup.net.
SOURCE EastGroup Properties, Inc.