Pillips Edison Grocery Center REIT I Increases Credit Facility up to $1 Billion

Phillips Edison Grocery Center REIT I, formerly known as Phillips Edison-ARC Shopping Center REIT, has increased the capacity of its unsecured revolving credit facility from $350 million to $700 million. 

The lenders, which include Bank of America, KeyBank National Association, and CitiBank, provide the option to increase the size of the facility to a total of $1 billion through an accordion feature. The Credit Facility was oversubscribed, and included the addition of three new lenders, Fifth Third Bank, RBC Bank, and Capital One, to the lending group.

“This is another significant step for the Company that provides maximum flexibility as we finish building our portfolio and pursue strategic options for our shareholders,” commented Jeff Edison, Chairman and CEO of the company. 

“We believe this increase represents another validation of the Company and our ability to execute on our grocery anchored strategy. We appreciate the continued commitment from our banking partners and value their support,” added CFO Devin Murphy.

Phillips Edison Grocery Center REIT I is a non-traded REIT that focuses on acquiring grocery anchored shopping centers throughout the United States. As of December 17, 2014, the REIT’s portfolio consisted of 136 grocery-anchored shopping centers with a total of approximately 14.5 million square feet. 

The company intends to use the proceeds from the credit facility for general corporate purposes in addition to financing more acquisitions.