Retail Properties Of America, Inc. Announces The Amendment And Extension Of Its $850 Million Unsecured Revolving Line Of Credit

OAK BROOK, Ill., July 8, 2021 /PRNewswire/ -- Retail Properties of America, Inc. (NYSE: RPAI) (the "Company") today announced the closing of the amendment and extension of its $850.0 million unsecured revolving line of credit (Unsecured Revolving Line of Credit).

This Unsecured Revolving Line of Credit amendment and extension:

• Maintains the Company's existing borrowing capacity of $850.0 million;
• Expands the available accordion feature, enabling the Company to increase borrowing capacity by up to $750.0 million to a total of $1.6 billion, subject to lender approval;
• Maintains existing financial covenants as well as the 6.50% capitalization rate used to calculate certain financial covenants;
• Incorporates a sustainability metric, based on targeted greenhouse gas emission reductions, which permits the Company to reduce the applicable grid-based spread by one basis point annually upon attainment;
• Maintains existing leverage-based grid pricing;
• Improves ratings-based grid pricing by 10-15 basis points from the previous ratings-based grid across various points on the investment grade ratings spectrum;
• Extends the maturity date from April 22, 2022 to January 8, 2026; and
• Includes retention of two six-month extension options, exercisable at the Company's sole election.

KeyBanc Capital Markets Inc., Wells Fargo Securities, LLC, Capital One, National Association, PNC Capital Markets LLC, Regions Capital Markets and TD Bank, N.A. served as co-lead arrangers, with KeyBank National Association serving as administrative agent and Wells Fargo Bank, National Association serving as syndication agent. Bank of America, N.A., The Bank of Nova Scotia, Citibank, N.A., and U.S. Bank National Association served as documentation agents.

ABOUT RPAI
Retail Properties of America, Inc. is a REIT that owns and operates high quality, strategically located open-air shopping centers, including properties with a mixed-use component. As of March 31, 2021, the Company owned 102 retail operating properties in the United States representing 19.9 million square feet. The Company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI. Additional information about the Company is available at www.rpai.com.

CONTACT INFORMATION
Michael Gaiden
Senior Vice President – Finance
Retail Properties of America, Inc.       
(630) 634-4233

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SOURCE Retail Properties of America, Inc.