CINCINNATI, March 21, 2013 /PRNewswire/ --Phillips Edison-ARC Shopping Center REIT Inc. (the "Company") today announced that it has received additional commitments totaling $145 million to its syndicated senior secured revolving credit facility, agented by KeyBank National Association ("KeyBank"). Additional banks in the syndicate of lenders include: Bank of America, N.A.; Union Bank, N.A.; JPMorgan Chase Bank, N.A.; U.S. Bank National Association; Wells Fargo Bank, National Association; PNC Bank, National Association; and Deutsche Bank A.G. The additional commitments have increased the total amount available to the Company from $120 million to $265 million, subject to the terms and conditions of the facility.
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The Company also announced that the accordion feature, which allows the Company to further expand the capacity of the credit facility, increased from $250 million to $300 million. This credit facility may be used in conjunction with the existing $10 million unsecured line of credit the Company closed with KeyBank in July 2012.
The Company currently has $100.9 million drawn on the facility at an effective rate of 2.45%, and will use the increased capacity of the credit facility to finance the acquisition of well-occupied grocery-anchored neighborhood shopping centers having a mix of national, credit-worthy retailers selling necessity-based goods and services in strong demographic markets throughout the United States.
About Phillips Edison - ARC Shopping Center REIT Inc.
Phillips Edison-ARC Shopping Center REIT Inc. is a public non-traded REIT that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. The REIT is co-sponsored by two industry leaders: Phillips Edison & Company, who has acquired over $1.8 billion in shopping centers throughout the United States, and AR Capital, LLC, a real estate investment program sponsor dedicated to governance best practices. As of March 20, 2013, Phillips Edison-ARC owned, directly or indirectly through a joint venture in which it has a controlling interest, and managed an institutional quality retail portfolio consisting of 34 grocery-anchored shopping centers totaling 3,424,798 square feet. For more information on the company, please visit the website at www.phillipsedison-arc.com.
SOURCE Phillips Edison-ARC Shopping Center REIT Inc.
