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CONTACTS From: Tony DeFazio |
| For: Jennifer Weingartner Director of Investor Relations | ||
Diccicco Battista Communications |
| Phillips Edison – ARC Shopping Center REIT | ||
tdefazio@dbcworks.com |
| jweingartner@phillipsedison.com | ||
Ph: (484) 342-3600 |
| Ph: (513) 619-5058 | ||
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FOR IMMEDIATE RELEASE
Phillips Edison–ARC Shopping Center REIT Inc. Enters into a Revolving Credit Facility with KeyBank for up to $250 Million of Availability
CINCINNATI, OH, December 26, 2012 — Phillips Edison–ARC Shopping Center REIT Inc. (the “Company”) on December 24, 2012, through Phillips Edison-ARC Shopping Center Operating Partnership, L.P. entered into a $40 million senior secured revolving credit facility with KeyBank National Association (“KeyBank”) with an accordion feature up to $250 million, subject to the terms and conditions of the facility. This credit facility may be used in conjunction with the existing $10 million unsecured line of credit the Company closed with KeyBank in July 2012.
The credit facility matures on December 24, 2015, with two 12-month extension options which, if exercised, would extend the maturity until December 2017. This facility will enable the Company to select loans that are priced at either LIBOR plus a margin ranging from 200 to 300 basis points depending on the Company’s overall leverage, or a base rate of the greater of (x) the prime rate announced by KeyBank from time to time or (y) the federal funds effective rate, plus a margin ranging from 100 to 200 basis points depending on the Company’s overall leverage.
The Company will use the credit facility to finance the acquisition of well-occupied grocery-anchored neighborhood shopping centers having a mix of national, credit worthy retailers selling necessity-based goods and services in strong demographics markets throughout the United States. As of December 24, 2012, there were no borrowings outstanding under the credit facility.
About Phillips Edison – ARC Shopping Center REIT Inc.
Phillips Edison-ARC Shopping Center REIT Inc. is a public non-traded REIT that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. The REIT is co-sponsored by two industry leaders: Phillips Edison & Company, who has acquired over $1.8 billion in shopping centers throughout the United States, and AR Capital, LLC, a real estate investment program sponsor dedicated to governance best practices. As of December 24, 2012, Phillips Edison-ARC owned, directly or indirectly through a joint venture in which it has a controlling interest, and managed an institutional quality retail portfolio consisting of 23 grocery-anchored shopping centers totaling 2,235,655 square feet. For more information on the company, please visit the website at www.phillipsedison-arc.com.