Acadia Realty upsizes credit revolver to $350 million, extends maturity to April 2028
Acadia Realty Trust and its operating partnership entered into a Third Amended and Restated Credit Agreement on April 15, 2024, with Bank of America, N.A. as administrative agent. The filing increases the revolving credit facility from $300.0 million to $350.0 million and extends both the revolver and the $400.0 million term loan to April 15, 2028, which gives the company a longer borrowing window.
- Revolving credit facility increased from $300.0 million to $350.0 million, including up to $60.0 million for letters of credit
- Maturity extended from June 29, 2025 to April 15, 2028, with two additional six-month extension options
- $400.0 million term loan extended from June 29, 2026 to April 15, 2028; accordion feature allows capacity up to $900 million
- As of closing, SOFR margins were 1.25% for revolver loans and 1.4% for term loan loans; the agreement includes financial covenants and limits on dividend payouts and distributions