Federal Realty Investment Trust Closes $400M Unsecured Revolving Credit Facility

Federal Realty Investment Trust FRT today announced the closing of a new $400 million unsecured revolving credit facility. Proceeds from the financing were utilized to retire the outstanding obligations under the Trust's previous $300 million revolving credit facility which was scheduled to mature on July 27, 2011 and for general corporate purposes. As a result of the refinancing, the Trust has no additional debt maturities until July 2012. The new revolving credit facility bears interest at an annual rate of LIBOR plus 115 basis points and will mature in July 2015, with an option to extend for an additional year. In addition, Federal Realty has an option to upsize the facility through an accordion feature to $800 million.