SL Green Refinances Corporate Credit Facility
$2.5 Billion Facility Term Extended and Cost Reduced
NEW YORK-- December 7, 2021-- SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced that it has refinanced, extended and reduced the overall size of its unsecured corporate credit facility.
The revolving line of credit component of the facility has been reduced by $250.0 million to $1.25 billion, the maturity date has been extended from March 2023 to May 2027, inclusive of as-of-right extension options, and the current borrowing cost was reduced to 85 basis points over adjusted SOFR. The 5-year funded term loan component of the facility has been reduced by $250.0 million to $1.05 billion, the maturity date has been extended from March 2023 to May 2027 and the current borrowing cost has been reduced to 95 basis points over adjusted SOFR. The $200 million, 7-year funded term loan component of the facility, which matures in November 2024 was not modified and current borrowing cost is 100 basis points over adjusted SOFR.
SL Green’s Chief Financial Officer, Matt DiLiberto, commented, “The refinancing of our credit facility evidences continued appetite for lending to strong corporate credits by the world’s highest quality financial institutions. The new facility incorporates a number of beneficial modifications including reduced costs and a more flexible covenant package, while a strategic reduction of the facility size is commensurate with a reduction in the Company’s equity base by $3.2 billion through targeted asset sales that have funded share repurchases and unit redemptions. We appreciate the incredible support we received from our most important banking relationships as this facility remains a fundamental component of our liquidity and long-term unsecured borrowing strategy.”
Wells Fargo Securities, LLC; JPMorgan Chase Bank, N.A.; Deutsche Bank Securities Inc.; TD Bank, N.A.; BofA Securities, Inc.; BMO Capital Markets Corp.; The Bank of New York Mellon; and U.S. Bank National Association are Joint Lead Arrangers of the facility, with Wells Fargo Bank, National Association serving as the Administrative Agent and Sustainability Agent, JPMorgan Chase Bank, N.A. and U.S. Bank, National Association serving as the Syndication Agents and Deutsche Bank Securities Inc., TD Bank, N.A., Bank of America, N.A., Bank of Montreal, and The Bank of New York Mellon serving as Co-Documentation Agents.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2021, SL Green held interests in 76 buildings totaling 35.3 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 7.3 million square feet securing debt and preferred equity investments.
Forward Looking Statement
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