SL Green Realty Corp. announced that it has amended and expanded the term loan portion of its unsecured corporate credit facility by $383 million to $783 million.
The maturity date of the term loan is extended to June 2019 and the cost of the term loan has been reduced to 140 basis points over LIBOR.
The facility also includes a $1.2 billion revolving line of credit that matures in March 2018, inclusive of the company’s aggregate one-year as-of-right extension option.
Matt DiLiberto, chief accounting officer and treasurer for SL Green, commented, “With the reduced cost of funds and additional term, this market-leading execution furthers the company’s investment grade balance sheet strategy and clearly demonstrates our lenders’ confidence in our business platform, as well as the outlook for the New York commercial real estate market overall.
“We believe that our credit facility provides us extraordinary financial flexibility and a competitive advantage as we pursue future opportunities in the marketplace while continuing to focus on the management of our financial resources.”
Wells Fargo Securities, LLC; J.P. Morgan Securities LLC; U.S. Bank National Association, and Deutsche Bank Securities Inc. were Joint Lead Arrangers, with Wells Fargo Bank, National Association serving as the Administrative Agent, JPMorgan Chase Bank, N.A. serving as the Syndication Agent and U.S. Bank National Association and Deutsche Bank AG New York Branch serving as Co-Documentation Agents.