Phillips Edison & Company, Inc. (NASDAQ: PECO) Increases Revolving Credit Facility to $1 Billion

Phillips Edison & Company, Inc. (the “Company”) announced today the signing of a second amendment to its credit agreement, in conjunction with Phillips Edison Grocery Center Operating Partnership I, L.P., PNC Bank, National Association, and the lenders involved. This amendment, effective January 9, 2025, increases the aggregate principal amount of the revolving facility under the Amended Credit Agreement to $1,000,000,000 and extends the maturity date to January 9, 2029, subject to two consecutive six-month extensions.

The Revolving Credit Facility now offers a current interest rate, at the Company’s discretion, of either Term SOFR or Daily Simple SOFR, plus a margin ranging from 0.725% to 1.400% based on the Company’s credit rating, leverage ratio, and sustainability metrics. Additionally, the Operating Partnership will pay a facility fee on the Revolving Credit Facility, ranging from 0.125% to 0.300% based on the Company’s credit rating.

The Second Amendment also modifies the sustainability pricing adjustment provisions, with the current sustainability adjustment ceasing to apply as of April 1, 2025. While the interest rate for the Term Loan Facility remains unchanged, the Amended Credit Agreement includes provisions for periodic interest payments and allows prepayment of outstanding loans at any time. Default events include payment defaults, breaches of covenants, and certain bankruptcy events, with financial covenant requirements in place.

The details disclosed in this report constitute a summary of the agreement and are not exhaustive. The complete text of the Second Amendment can be found as Exhibit 10.1 in the Form 8-K filing with the Securities and Exchange Commission dated January 9, 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Phillips Edison & Company, Inc.’s 8K filing here.

Phillips Edison & Company, Inc. Company Profile

Phillips Edison & Company, Inc (PECO) is one of the nation's largest owners and operators of omni-channel grocery-anchored shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating platform and national footprint of well-occupied shopping centers.