Edens & Avant Announces Refinancing of Unsecured Revolving Credit Facilities
Oct 11, 2011
COLUMBIA, S.C., Oct. 11, 2011 /PRNewswire/ -- Edens & Avant, one of the nation's leading retail real estate owners and development companies, announced today it has closed on the refinancing of its $350 million unsecured revolving credit facility (the "Facility") and $30 million unsecured working capital line ("Working Capital Line"). The Facility and the Working Capital Line will both mature in September 2014, but include two, one-year extensions at the Company's option that could extend both facilities through September 2016.
For the Facility, Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as Joint Lead Arrangers and Joint Bookrunners. Wells Fargo Bank, National Association is the Administrative Agent. Bank of America, N.A. is the Syndication Agent. PNC Bank and Branch Banking & Trust Company are co-Documentation Agents. Capital One, Deutsche Bank, Regions Bank and U.S. Bank are Senior Managing Agents and Synovus Bank is a Participant.
The Working Capital Line is with PNC Bank.
"Edens & Avant remains committed to preserving a conservative, flexible balance sheet that enables us to focus on operations and strategic, community focused investment opportunities," said Mark Garside, Managing Director of Edens & Avant. "The closing of these facilities advances our balance sheet strategy while lowering our overall cost of capital. We appreciate the deep relationships we have with our bank group and their commitment to our company."
About Edens & Avant: Edens & Avant develops, owns and operates neighborhood shopping centers in primary markets throughout the East Coast. Focusing on innovative development and redevelopment together with key acquisitions in urban areas, the Company has built an institutional-quality portfolio of 126 retail centers. Edens & Avant has Regional Headquarters in Boston, New York, Washington DC, Atlanta, Columbia, SC and Miami. For additional information about the Company and its retail real estate portfolio, please visit www.edensandavant.com. Or follow on Twitter @EdensandAvant.
SOURCE Edens & Avant
For further information: Robbie Robertson, Communications Director, Edens & Avant, +1-803-744-2446, [email protected]