InvenTrust Properties Recasts $400M Term Loans

By Hao Liu • Thursday, August 28 10:23 • Permanent Link

InvenTrust Properties Corp. has recently announced the recast of its $400 million unsecured term loans, which has resulted in extended maturities and improved pricing. This move is expected to strengthen the company's financial flexibility and align with its strategic capital plan.

The recast of the term loans has extended the maturity date on the $200 million term loan ("Tranche A-1") to August 2030 and the $200 million term loan ("Tranche A-2") to February 2031. Additionally, the company has entered into forward-starting interest rate swap agreements, resulting in all-in weighted average fixed rates of 4.50% and 4.58%, respectively, based on the loans' current applicable spreads.

This transaction has led to an improvement in the maturity profile by extending the weighted average maturity from 2.9 to 5.1 years. Wells Fargo Securities, LLC, and KeyBanc Capital Markets Inc. served as Joint Bookrunners and Joint Lead Arrangers for the term loans. KeyBank National Association served as the Syndication Agent, while Wells Fargo Bank, N.A. served as the Administrative Agent. U.S. Bank National Association, Fifth Third Bank, National Association, JP Morgan Chase Bank, N.A., PNC Capital Markets LLC, BofA Securities, Inc., Truist Bank, and First Horizon Bank also provided support for this transaction.

InvenTrust Properties Corp. is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires, and manages grocery-anchored neighborhood and community centers, as well as high-quality power centers. The company's business strategy includes acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, maintaining a flexible capital structure, and enhancing environmental, social, and governance practices and standards.

Investors and others interested in InvenTrust are encouraged to review the information shared on the company's investor relations website and social media channels for additional details. The company routinely announces material information using U.S. Securities and Exchange Commission filings, press releases, public conference calls, and webcasts, as well as through its social media channels. Following these announcements, the company's shares moved 1.54%, and are now trading at a price of $29.68. For more information, read the company's full 8-K submission here.

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