SL Green Realty Corp. (NYSE:SLG) today 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.
Company Profile
SL Green Realty Corp., New York City's largest office landlord, is the
only fully integrated real estate investment trust, or REIT, that is
focused primarily on acquiring, managing and maximizing value of
Manhattan commercial properties. As of December 31, 2013, SL Green has
interests in 92 Manhattan buildings totaling 44.4 million square feet.
This included ownership interests in 27.8 million square feet of
commercial buildings and debt and preferred equity investments secured
by 16.6 million square feet of buildings. In addition to its Manhattan
investments, SL Green holds ownership interests in 31 suburban buildings
totaling 5.4 million square feet in Brooklyn, Long Island, Westchester
County, Connecticut and New Jersey, along with three development
buildings in the suburbs encompassing approximately 0.4 million square
feet.
Forward-looking Statement
This press release contains "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. All
statements other than statements of historical facts included in this
press release are forward-looking statements. All forward-looking
statements speak only as of the date of this press release. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance, achievements or transactions of the Company to be
materially different from any future results, performance, achievements
or transactions expressed or implied by such forward-looking statements.
Such risks, uncertainties and other factors relate to, among others,
the strength of the commercial office real estate markets in the New
York metro area, reduced demand for office space, unanticipated
increases in financing and other costs, competitive market conditions,
unanticipated administrative costs, divergent interests from or the
financial condition of our joint venture partners, timing of leasing
income, general and local economic conditions, interest rates, capital
market conditions, tenant bankruptcies and defaults, the availability
and cost of comprehensive insurance, including coverage for terrorist
acts, environmental, regulatory and/or safety requirements, and other
factors, all of which are beyond the Company's control. Additional
information or factors that could affect the Company and the
forward-looking statements contained herein are included in the
Company's filings with the Securities and Exchange Commission. The
Company assumes no obligation to update or supplement forward-looking
statements that become untrue because of subsequent events.
Copyright Business Wire 2014