Taubman Centers Announces The Closing Of $1.1 Billion Line Of Credit
BLOOMFIELD HILLS, Mich., March 1, 2013
BLOOMFIELD HILLS, Mich., March 1, 2013 /PRNewswire/ -- Taubman Centers, Inc.
(NYSE: TCO) announced today a new primary revolving line of credit. The new
revolving line of credit increases the borrowing capacity from $650 million to
$1.1 billion and includes an accordion feature that would increase the
borrowing capacity to as much as $1.5 billion, if fully exercised.
(Logo: http://photos.prnewswire.com/prnh/20080428/CLM116LOGO )
"The expanded line will provide us additional financial flexibility to fund
our operations and development pipeline," said Lisa A. Payne, vice chairman
and chief financial officer.
The new unsecured line has a four-year term, maturing in March 2017, with a
one-year extension option. Pricing is based on the Company's total leverage
ratio. At today's leverage, pricing is LIBOR plus 1.45% with an annual 0.20%
facility fee. The line is guaranteed by the entities that own Dolphin Mall
(Miami, Fla.), Fairlane Town Center (Dearborn, Mich.), Twelve Oaks Mall (Novi,
Mich.), and The Shops at Willow Bend (Plano, Texas). For this facility, J.P.
Morgan Securities LLC was joint lead arranger and sole bookrunner; PNC Bank
N.A. and U.S. Bank N.A. were joint lead arrangers and co-syndication agents;
Wells Fargo Bank, N.A. was documentation agent; and Comerica Bank, Union Bank,
N.A., RBS Citizens, N.A. and Suntrust Bank were managing agents. In addition
to the above financial institutions, there were eight co-lenders in the
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in
the ownership, management and/or leasing of 27 regional, super-regional and
outlet shopping centers in the U.S. and Asia. Taubman's U.S.-owned properties
are the most productive in the publicly held U.S. regional mall industry.
Taubman is currently developing Taubman Prestige Outlets Chesterfield in
Chesterfield, Mo.; The Mall at University Town Center in Sarasota, Fla.; The
Mall of San Juan in San Juan, Puerto Rico; and shopping malls in Xi'an and
Zhengzhou, China and Hanam, South Korea. Taubman Centers is headquartered in
Bloomfield Hills, Mich.and Taubman Asia, the platform for Taubman Centers'
expansion into China and South Korea, is headquartered in Hong Kong. Founded
in 1950, Taubman has more than 60 years of experience in the shopping center
industry. For more information about Taubman, visit www.taubman.com.
For ease of use, references in this press release to "Taubman Centers,"
"company," "Taubman" or an operating platform mean Taubman Centers, Inc.
and/or one or more of a number of separate, affiliated entities. Business is
actually conducted by an affiliated entity rather than Taubman Centers, Inc.
itself or the named operating platform.
This press release may contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These statements reflect
management's current views with respect to future events and financial
performance. The forward-looking statements included in this release are made
as of the date hereof. Except as required by law, we assume no obligation to
update these forward-looking statements, even if new information becomes
available in the future. Actual results may differ materially from those
expected because of various risks and uncertainties. You should review the
company's filings with the Securities and Exchange Commission, including "Risk
Factors" in its most recent Annual Report on Form 10-K and subsequent
quarterly reports, for a discussion of such risks and uncertainties.
SOURCE Taubman Centers, Inc.
Contact: Barbara Baker, Taubman, Vice President, Corporate Affairs & Investor
Relations, +1-248-258-7367, email@example.com
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