Phillips Edison & Company closes $350 million unsecured term loan
Phillips Edison & Company (PECO) completed a $350 million unsecured term loan facility on Oct. 26, 2026. The loan matures on Oct. 23, 2029 and carries an initial interest rate of SOFR plus 0.80%. The subsidiary borrowed $175 million at closing and can draw the remaining $175 million by Apr. 21, 2027, with an optional accordion to increase total borrowing to $800 million. Proceeds were used to repay a $161.8 million term loan and reduce balances under a $1 billion revolving credit facility.
Why it matters
The new loan extends PECO’s debt maturity profile and adds liquidity for future growth, which may improve its balance‑sheet strength and credit metrics (the company says it has one of the best balance sheets in the sector).
Key facts
- 1The term loan facility totals $350 million and has a three‑year term maturing on Oct. 23, 2029. globenewswire.com
- 2Initial interest rate is SOFR plus 0.80% per annum. globenewswire.com
- 3Phillips Edison Grocery Center Operating Partnership I, L.P. borrowed $175 million at closing. globenewswire.com
- 4The remaining $175 million can be drawn on or before Apr. 21, 2027. globenewswire.com
- 5An uncommitted accordion feature allows borrowing up to an additional $450 million, for a total potential capacity of $800 million. globenewswire.com
- 6Proceeds were used to pay down an outstanding $161.8 million term loan and balances under a $1 billion revolving credit facility. globenewswire.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.