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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K | ||
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 27, 2014
REGENCY CENTERS CORPORATION
REGENCY CENTERS, L.P.
(Exact name of registrant as specified in its charter)
Florida (Regency Centers Corporation) | 001-12298 (Regency Centers Corporation) | 59-3191743 (Regency Centers Corporation) |
Delaware (Regency Centers, L.P.) | 0-24763 (Regency Centers, L.P.) | 59-3429602 (Regency Centers, L.P.) |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
One Independent Drive, Suite 114 Jacksonville, Florida | 32202 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant's telephone number including area code: (904)-598-7000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On June 27, 2014, Regency Centers, L.P. (the “Operating Partnership”), as Borrower, and Regency Centers Corporation (the “Company”), as Guarantor, amended its existing term loan facility (the “Term Facility”) to (i) increase the Term Facility to $165 million with the right by Regency to request an additional increase in the Term Facility to $350 million, (ii) modify the interest rate to LIBOR plus a ratings based margin of 1.15% per annum, subject to adjustment from time to time based on changes to the Company’s corporate credit ratings, (iii) add a fee of 0.20% per annum on any remaining delayed draw commitment; (iv) restate certain definitions including “Capitalization Rate” which now means 6.75%, and (v) extend the term of the Term Facility to June 27, 2019.
On June 27, 2014, the Operating Partnership, as Borrower, and the Company, as Guarantor, amended its existing unsecured revolving credit facility (the “Revolving Facility”) to restate certain definitions including “Capitalization Rate” which now means 6.75%. The Revolving Facility expires in September 2016. The Company has one, one-year extension option.
On July 1, 2014, the Company issued a press release, which is attached as Exhibit 99.1, announcing the amendment to the Term Facility.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit 99.1 | Press release dated July 1, 2014 | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 1, 2014 | REGENCY CENTERS CORPORATION | |
By: | /s/ J. Christian Leavitt J. Christian Leavitt, Senior Vice President and Treasurer | |
Date: July 1, 2014 | REGENCY CENTERS, L.P. | |
By: Regency Centers Corporation, its general partner | ||
By: | /s/ J. Christian Leavitt J. Christian Leavitt, Senior Vice President and Treasurer | |
Exhibit 99.1
Patrick Johnson
904-598-7422
PatrickJohnson@RegencyCenters.com
Regency Centers Amends its Unsecured Term Loan Facility
JACKSONVILLE, Fla. (July 1, 2014)-- Regency Centers Corporation (NYSE:REG) (“Regency” or the “Company”) announced today an amendment (the “Amendment”) to its existing senior unsecured term loan facility (the “Facility”). The Amendment established a new Facility size of $165 million, extended the maturity date to June 27, 2019 and reduced the applicable interest rate. The Facility will bear interest at LIBOR plus 1.15% per annum and is subject to an unused fee of 0.20% per annum on the undrawn balance. Borrowings under the Facility as of June 30, 2014 total $75 million and the Company has until August 31, 2015 to elect to borrow up to an additional $90 million. Regency expects to use the Facility for general corporate purposes, including funding its development and redevelopment programs and repaying maturing debt.
The Facility was syndicated to a group of ten banks led by Wells Fargo Securities, LLC acting as Sole Lead Arranger. Wells Fargo Bank, National Association will be the Administrative Agent for the Facility and PNC Bank, National Association was the Syndication Agent. Regions Financial Corporation, SunTrust Bank and U.S. Bank National Association acted as Documentation Agents. Other participants in the Facility include Bank of America, N.A., JPMorgan Chase Bank, N.A., Royal Bank of Canada, Sumitomo Mitsui Banking Corporation and Mizuho Bank.
About Regency Centers Corporation (NYSE: REG)
With more than 50 years of experience, Regency is the preeminent national owner, operator and developer of high-quality, grocery-anchored neighborhood and community shopping centers. The Company’s portfolio of 332 retail properties encompasses over 43.9 million square feet located in top markets throughout the United States, including co-investment partnerships. Regency has developed 215 shopping centers since 2000, representing an investment at completion of more than $3 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.
This press release contains forward-looking statements and such forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.