SITE Centers Refinances $950 Million Unsecured Revolving Credit Facility and Upsizes Unsecured Term Loan Facility
SITE Centers Corp. (NYSE:SITC), an owner of open-air shopping centers in suburban, high household income communities, announced today that it has refinanced its unsecured revolving credit facility and extended its maturity. The company also refinanced its unsecured term loan and upsized the agreement to $200 million from $100 million, with the additional proceeds available via a delayed draw feature, and extended its maturity. As part of the refinancing, the underlying benchmark will transition to SOFR from LIBOR. The recast facilities also feature a sustainability-linked pricing component whereby the applicable interest rate margin can be reduced if the Company meets certain sustainability performance targets.
The amended $950 million unsecured revolving credit facility has an initial maturity of June 6, 2026 with two six-month extension options. Based on SITE Centers’ current credit ratings, pricing on the refinanced revolving credit facility was set at SOFR plus 85 basis points and a 10 basis point credit spread adjustment.
SITE Centers also amended and upsized its unsecured term loan increasing potential borrowings to $200 million from $100 million. The maturity date was extended to June 6, 2027. Pricing of the unsecured term loan was set at SOFR plus 95 basis points and a 10 basis point credit spread adjustment based on SITE Centers’ current credit ratings with $100 million available via a delayed draw feature through December 6, 2022. At closing, the Company has not drawn any amounts under the delayed draw feature.
JPMorgan Chase Bank, N.A. and Wells Fargo Securities, LLC served as Joint Bookrunners, JPMorgan Chase Bank, N.A. served as Administrative Agent, and JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC, Citizens Bank, N.A., KeyBanc Capital Markets Inc., PNC Capital Markets LLC, RBC Capital Markets, and U.S. Bank National Association served as Joint Lead Arrangers on the amended $950 million revolving credit facility.
Wells Fargo Securities, LLC and JPMorgan Chase Bank, N.A. served as Joint Bookrunners, Wells Fargo Bank, N.A. served as Administrative Agent, and Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Citizens Bank, N.A., KeyBanc Capital Markets Inc., PNC Capital Markets LLC, RBC Capital Markets, and U.S. Bank National Association served as Joint Lead Arrangers on the upsized $200 million unsecured term loan.
SITE Centers Corp
Symbol: SITC
CIK: 894315
Exchange: NYSE
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Small-Cap
REIT Sector: Retail
REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The overall score is out of ten points, with ten being the best score.
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Last updated: 2025-07-14 - v1.4