Brixmor Property amends $1.25 billion revolver, three term loans

By Wendy Van Sickle

Columbus, Ohio, Dec. 18 – Brixmor Property Group Inc.'s operating partnership, Brixmor Operating Partnership LP, entered into a second amended and restated credit agreement with JPMorgan Chase Bank, NA as administrative agent on Dec. 12 that provides for a $1.25 billion revolving credit facility and a continuation of the existing $500 million term loan maturing July 31, 2021, according to an 8-K filing with the Securities and Exchange Commission.

The revolver matures on Feb. 28, 2023, extended from July 31, 2020. Each of the revolver and the term loan has two six-month maturity extension options.

Brixmor has the option to add up to $1 billion of additional revolving or term loans.

At closing, the full amount of the term loan was drawn as well as $356 million under the revolver.

The revolver bears interest at Libor plus a margin ranging from 77.5 basis points to 145 bps, and there is a commitment fee ranging from 12.5 bps to 30 bps, both depending on Brixmor’s credit rating.

The term loan bears interest at Libor plus a margin ranging from 85 bps to 165 bps, depending on ratings.

The facility requires the borrower to maintain a ratio of total debt to total asset value of no more than 0.6x; a minimum ratio of total net operating income to fixed charges of 1.55x; and a maximum ratio of secured debt to total asset value of 0.4x.

Also on Dec. 12, the company amended and restated its $350 million term loan agreement dated March 18, 2014 with JPMorgan Chase as administrative agent to extend the maturity date to Dec. 12, 2023 from March 18, 2019.

The company has to option to add up to $250 million of term loans under this credit agreement.

Borrowings bear interest at Libor plus a margin ranging from 85 bps to 165 bps, depending on ratings.

Finally, on Dec. 12, Brixmor entered a first amendment to its seven-year term loan agreement dated July 28, 2017 with Wells Fargo Bank, NA as administrative agent.

The amendment decreases the applicable interest rate, effective July 28, 2019, to Libor plus a margin ranging from 85 bps to 165 bps, depending on ratings.

Currently, the Wells Fargo agreement bears interest at Libor plus a margin ranging from 150 bps to 245 bps.

This credit agreement continues to have a $500 million accordion feature.

Brixmor is an internally managed real estate investment trust based in New York that owns and operates the wholly owned portfolio of grocery-anchored community and neighborhood shopping centers.

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