Taubman Centers, Inc. (TCO) on Friday announced a new primary revolving line of credit, which increases the borrowing capacity from $650 million to $1.1 billion and includes an accordion feature that would increase the borrowing capacity to as much as $1.5 billion, if fully exercised.
The new unsecured line has a four-year term, maturing in March 2017, with a one-year extension option. Pricing is based on the company's total leverage ratio. For the facility, J.P. Morgan Securities LLC was joint lead arranger and sole bookrunner; PNC Bank N.A. and U.S. Bank N.A. were joint lead arrangers and co-syndication agents; Wells Fargo Bank, N.A. was documentation agent; and Comerica Bank, Union Bank, N.A., RBS Citizens, N.A. and Suntrust Bank were managing agents. There were also eight co-lenders in the facility.
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