EastGroup Properties Announces $225 Million Credit Facility
JACKSON, Miss., Jan. 3, 2013
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.
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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
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
"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, Regions Bank, Bank of
America, Trustmark National Bank, The Bank of New York Mellon and Raymond
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.
Contact: David H. Hoster II, President and Chief Executive Officer or N. Keith
McKey, Chief Financial Officer, +1-601-354-3555
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