Loan & DebtJul 17, 2026, 05:26 PM
Empire State Realty OP amends credit facility to $490M
AI Summary
Empire State Realty OP, L.P. entered into a First Amendment to its Amended and Restated Credit Agreement, increasing its credit facility to an initial maximum principal amount of $490 million. This facility includes a $245 million term loan and a $245 million delayed draw term loan, with potential for further increase up to $510 million. The funds will be used for working capital, capital expenditures, acquisitions, and general corporate purposes. Interest rates are floating, based on SOFR, with spreads varying based on the Operating Partnership's leverage ratio or credit rating.
Key Highlights
- Amended credit facility increased to an initial maximum of $490 million.
- Facility comprises a $245 million term loan and a $245 million delayed draw term loan.
- Aggregate principal amount can be increased up to $510 million.
- Interest rates are SOFR-based, with spreads from 1.50% to 2.05% depending on leverage.
- Investment-grade rating could reduce SOFR spread to 0.80% to 1.60%.
- Unused line fee on delayed draw commitments is 0.20%.
- Term loan matures January 15, 2029 (extendable to January 15, 2031).
- Delayed draw term loan matures January 12, 2032.
Price Impact
More from ESBA