Phillips Edison & Company announced the closing of an amendment to its unsecured revolving credit facility, increasing its size to $1.0 billion from $800 million. This expansion provides the company with an additional $200 million in borrowing capacity, significantly boosting its financial flexibility.
The amendment also extends the maturity date of the Revolving Credit Facility to January 9, 2029, with options for two additional six-month extensions. This longer maturity profile enhances PECO's stability and reduces refinancing risk in the coming years.
Borrowings under the amended facility will initially bear interest at a reduced annual rate of SOFR plus 86.5 basis points, down from SOFR plus 94 basis points. This lower cost of capital is expected to support PECO's accelerated growth plans and further enhance long-term shareholder value, as stated by CFO John Caulfield.
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