On Tuesday, Shares of Retail Properties of America Inc (NYSE:RPAI), gained 1.46% to $14.63.
Retail Properties of America, Inc. (RPAI) (the “Company”) recently declared it has obtained binding commitments for a $1.2 billion amended and restated unsecured credit facility. The funding is predictable to close in January 2016, subject to the satisfaction of certain conditions, all of which are within sole control of the Company. Upon funding, the Company’s existing unsecured credit facility will be amended and restated to:
$750 Million Unsecured Revolver
- Improvement the capacity on the existing unsecured revolver by $200 million to $750 million;
- Set pricing, which is based on the Company’s leverage, at LIBOR plus 135 basis points, a 15 basis point decrease from the previous rate;
- Extend the maturity date to four years from the funding date, from May 12, 2017; and
- Procure two additional six-month option periods.
$200 Million Unsecured Term Loan
- Reduce the loan amount on the existing unsecured term loan by $250 million to $200 million;
- Maintain pricing, which is based on the Company’s leverage, at LIBOR plus 145 basis points;
- Retain the same maturity date of May 11, 2018; and
- Add two additional one-year option periods.
$250 Million Unsecured Term Loan
- Create a new unsecured term loan in the amount of $250 million, with the proceeds to be used to reduce the loan amount on the existing unsecured term loan described above by $250 million;
- Set pricing, which is based on the Company’s leverage, at LIBOR plus 130 basis points; and
- Set the maturity date to five years from the funding date.
“This transaction further establishes RPAI’s ability to access competitively priced capital in the unsecured debt markets,” stated Heath Fear, executive vice president and chief financial officer. “We appreciate the continued commitment from our lending partners.”
Retail Properties of America, Inc. is a real estate investment trust. It engages in acquisition, development and administration of properties. The trust invests in the real estate markets of United States.
Finally, Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA), ended its last trade with - 0.32% loss, and closed at $6.25.
ARIAD Pharmaceuticals, declared that its Board of Directors has voted unanimously to appoint Paris Panayiotopoulos President and Chief Executive Officer (CEO), effective January 1, 2016. Panayiotopoulos joins ARIAD from his current position of President of EMD Serono, Inc. Panayiotopoulos also has been elected to ARIAD’s Board of Directors. He will succeed Harvey J. Berger, M.D., ARIAD’s founder, chairman and CEO.
Panayiotopoulos, 41, is a global biopharmaceutical leader. At EMD Serono and its parent company Merck KGaA, Darmstadt, Germany, he achieved organizational turnarounds in the United States, Japan and Western Europe by building high-performing and trusting teams, and creating an enduring vision and strategy in each role that he served. Formerly, Panayiotopoulos held global leadership roles focusing on planned marketing, cross-functional portfolio administration and restructuring. Before this, he was at Eli Lilly & Co.
Alexander Denner, Ph.D., the chairman of the CEO search committee, stated, “We are excited to welcome Paris as our new CEO. The search committee conducted an extremely thorough process, and we are very happy with this outcome. Paris’ track record of global and turnaround success, both plannedally and operationally, is just what the company needs at this time.”
ARIAD Pharmaceuticals, Inc., an oncology company, engages in the discovery, development, and commercialization of medicines for cancer patients. The company offers Iclusig (ponatinib), a tyrosine kinase inhibitor (TKI) for the treatment of adult patients with chronic myeloid leukemia (CML), and Philadelphia chromosome-positive acute lymphoblastic leukemia in the United States, Europe, and other territories.
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