Phillips Edison closes $350 million three-year unsecured term loan
PECO•Phillips Edison & Co. closed a $350 million unsecured term loan, initially drawing $175 million at an annual rate of SOFR plus 0.8%. The facility matures October 23, 2029, and includes an uncommitted accordion for up to $450 million in additional loans.
1. Loan terms
Phillips Edison & Co. closed a $350 million unsecured term loan facility with KeyBank as administrative agent. The three-year facility matures October 23, 2029, and carries an initial annual interest rate of SOFR plus 0.8%.
2. Use of proceeds
The company initially drew $175 million, with the remaining $175 million available through April 21, 2027. Initial proceeds paid down a $161.8 million term loan and balances under its $1 billion revolving credit facility. An uncommitted accordion permits up to $450 million in additional term loans, bringing potential total borrowing to $800 million.
