Continues Unsecured Debt Strategy
NEW YORK--(BUSINESS WIRE)--
SL Green Realty Corp. (NYSE:SLG), New York City's largest commercial
property owner, today announced that it has refinanced, extended and
expanded its unsecured corporate credit facility by $217 million,
to $3.0 billion.
The 5-year funded term loan component of the facility has been increased
by $117 million to $1.3 billion, the maturity date has been extended
from June 2019 to March 2023 and the current borrowing cost has been
reduced to 135 basis points over LIBOR. The revolving line of credit
component of the facility has been reduced by $100 million to $1.5
billion, the maturity date has been extended from March 2019 to March
2023, inclusive of as-of-right extension options aggregating 1-year, and
the current borrowing cost was reduced to 120 basis points over LIBOR.
In addition, a new $200 million, 7-year funded term loan component has
been added to the facility, which matures in November 2024 and currently
bears interest at 190 basis points over LIBOR.
SL Green Chief Financial Officer, Matt DiLiberto, commented, "This
modification and expansion of our credit facility is a reflection of SL
Green's strong financial condition, platform and business strategy.
There is continued appetite for corporate lending by the world's highest
quality financial institutions to well-capitalized companies in the New
York City real estate market. This modification will further our
unsecured borrowing strategy, extend our maturity profile and simplify
our credit facility's overall structure, while lowering our overall
borrowing costs. We are very pleased to add this modification to the
list of recent balance sheet-enhancing activities."
Wells Fargo Securities, LLC; J.P. Morgan Securities LLC; Deutsche Bank
Securities Inc.; U.S. Bank National Association; Merrill Lynch, Pierce,
Fenner & Smith Incorporated; and BMO Capital Markets Group are Joint
Lead Arrangers of the facility, with Wells Fargo Bank, National
Association serving as the Administrative Agent, JPMorgan Chase Bank,
N.A. serving as the Syndication Agent and Deutsche Bank AG New York
Branch, U.S. Bank National Association, Bank of America, N.A. and Bank
of Montreal serving as Co-Documentation Agents.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City's largest
office landlord, is a fully integrated real estate investment trust, or
REIT, that is focused primarily on acquiring, managing and maximizing
value of Manhattan commercial properties. As of September 30, 2017, SL
Green held interests in 118 Manhattan buildings totaling 47.8 million
square feet. This included ownership interests in 27.5 million square
feet of Manhattan buildings and debt and preferred equity investments
secured by 20.3 million square feet of buildings. In addition, SL Green
held ownership interests in 27 suburban buildings totaling 4.3 million
square feet in Brooklyn, Long Island, Westchester
County, Connecticut and New Jersey. To be added to the Company's
distribution list or to obtain the latest news releases and other
Company information, please visit our website at www.slgreen.com or
contact Investor Relations at (212) 594-2700.
This press release includes certain statements that may be deemed to
be "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and are intended to be covered
by the safe harbor provisions thereof. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that we expect, believe or
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Chief Financial Officer
Green Realty Corp.
Source: SL Green Realty Corp.
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