SL Green Extends $2B Credit Facility to 2031, Lowers Rates by 25bps
SL Green refinanced $2.0 billion of its $2.4 billion corporate credit facility, extending the revolving and new term loan maturities to June 2031. Borrowing costs were cut by 25 basis points, bringing rates to 125 bps over SOFR on the revolver and 145 bps on the $750 million term loan.
1. Refinancing Overview
SL Green Realty Corp. completed a refinancing transaction on March 19, 2026, covering $2.0 billion of its existing $2.4 billion corporate credit facility. The move extends key debt maturities and improves funding costs, aligning with the company’s broader financing objectives for 2026.
2. Revolving and Term Loan Structures
The revolving credit line remains at $1.25 billion with an extended maturity to June 2031, including as-of-right extension options. The original $1.05 billion term loan was split into a $750 million tranche maturing in June 2031 and a $300 million tranche remaining on its May 2027 schedule, while a separate $100 million term loan stays on November 2026 terms.
3. Interest Rate Reductions
Borrowing costs on the revolver were reduced by 25 basis points to 125 basis points over SOFR, and the new $750 million term loan rate fell by 25 basis points to 145 basis points over SOFR. These lower rates reflect SL Green’s current credit rating and demand from top-tier financial institutions.
4. Strategic Impact
This refinancing represents a key step in executing SL Green’s $7.0 billion 2026 financing plan, enhancing liquidity and lowering interest expense. The extended maturities and cost savings support long-term business strategy and position the REIT for continued investment in Manhattan office assets.