ShopOne Announces Increase in Credit Facility to $400 Million
New York (Business Wire)—ShopOne Centers REIT Inc., (“ShopOne”) leading owner, operator and manager of high-quality grocery-anchored shopping centers, announced today that it increased its senior credit facility from $325 million to $400 million by exercising its accordion feature.
BMO Harris Bank N.A. and MidFirst Bank joined the existing facility and lead arranger KeyBanc Capital Markets added to its previous commitment. The increase in total commitments under the credit facility provides ShopOne with access to additional financing capacity in support of its future investment and operational activities.
“We are extremely grateful to our lenders, both existing and new, for demonstrating to us this increased level of confidence through the expansion of our existing credit facility,” said John Roche, Chief Financial Officer, ShopOne Centers REIT. “With this added liquidity and financial flexibility we are positioning ourselves to further capitalize on growth opportunities.”
ShopOne Centers REIT is a leading owner, operator and manager of high-quality shopping centers. The Company’s more than 48 retail centers located in established trade areas and are supported by a diverse mix of highly productive non-discretionary, value-oriented and grocery retailers. ShopOne is committed to maximizing the value of its portfolio by capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing value-enhancing redevelopment opportunities.
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