We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Regency (REG) Raises Flexibility with Term Loan Amendment
Read MoreHide Full Article
Regency Centers Corporation (REG - Free Report) recently enhanced its financial flexibility by amending its unsecured term loan facility. The move helped the company pay down its line of credit that was used for financing its previously announced acquisition of Market Common Clarendon.
Shares of Regency were up 0.49% to $83.96 in Friday’s session.
This move seemed a strategic fit because the amendment increased the facility size by $100 million to $265 million as well as extended the maturity date to Jan 5, 2022. Further, it lowered the applicable interest rate to LIBOR plus 0.95% per annum (based on the company’s credit rating).
Regency also executed interest rate swaps, concurrent with the closure, for the full notional amount of the facility. This helped fix the interest rate at 2.00% through maturity. The company used the additional $100 million to pay down its line of credit, which has a balance of zero now. Notably, the amendment reflects lenders’ confidence in the company’s strength.
In May 2016, Regency, in association with AvalonBay Communities Inc. (AVB - Free Report) , acquired Market Common Clarendon from TIAA Global Asset Management for $406.0 million. Regency paid $285.7 million while AvalonBay contributed $120.3 million to the purchase price. This mixed-use development in Arlington, VA includes retail, restaurants, and residential buildings and is positioned next to Clarendon Boulevard in the Clarendon neighborhood.
Situated amid a dense, prosperous and highly educated customer base, with the retail and all residual components under Regency’s ownership (residential components under AvalonBay’s possession), the buyout seems a strategic fit for the company. In fact, the retail space is anchored by reputed companies like Whole Foods Market, Inc. and Apple Inc. (AAPL - Free Report) among others and there are various stores for fashion, electronics, groceries, and dining, offering Regency ample scope to leverage on the favorable market fundamentals. (Read: AvalonBay, Regency Centers Buy Market Common Clarendon)
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Regency (REG) Raises Flexibility with Term Loan Amendment
Regency Centers Corporation (REG - Free Report) recently enhanced its financial flexibility by amending its unsecured term loan facility. The move helped the company pay down its line of credit that was used for financing its previously announced acquisition of Market Common Clarendon.
Shares of Regency were up 0.49% to $83.96 in Friday’s session.
This move seemed a strategic fit because the amendment increased the facility size by $100 million to $265 million as well as extended the maturity date to Jan 5, 2022. Further, it lowered the applicable interest rate to LIBOR plus 0.95% per annum (based on the company’s credit rating).
Regency also executed interest rate swaps, concurrent with the closure, for the full notional amount of the facility. This helped fix the interest rate at 2.00% through maturity. The company used the additional $100 million to pay down its line of credit, which has a balance of zero now. Notably, the amendment reflects lenders’ confidence in the company’s strength.
In May 2016, Regency, in association with AvalonBay Communities Inc. (AVB - Free Report) , acquired Market Common Clarendon from TIAA Global Asset Management for $406.0 million. Regency paid $285.7 million while AvalonBay contributed $120.3 million to the purchase price. This mixed-use development in Arlington, VA includes retail, restaurants, and residential buildings and is positioned next to Clarendon Boulevard in the Clarendon neighborhood.
Situated amid a dense, prosperous and highly educated customer base, with the retail and all residual components under Regency’s ownership (residential components under AvalonBay’s possession), the buyout seems a strategic fit for the company. In fact, the retail space is anchored by reputed companies like Whole Foods Market, Inc. and Apple Inc. (AAPL - Free Report) among others and there are various stores for fashion, electronics, groceries, and dining, offering Regency ample scope to leverage on the favorable market fundamentals. (Read: AvalonBay, Regency Centers Buy Market Common Clarendon)
REGENCY CTRS CP Price
REGENCY CTRS CP Price | REGENCY CTRS CP Quote
Currently, Regency has a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>