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AI brief of an SEC Form 8-K · EastGroup Properties (EGP)

EastGroup Properties replaces $625 million credit facility, extends maturity to July 2028

Neutral Impact 3 of 5 financing Written later

EastGroup Properties entered a Sixth Amended and Restated Credit Agreement on June 13, 2024, replacing its existing $625 million unsecured revolving credit facility and repaying all outstanding obligations under the prior agreement. The new facility also carries a $625 million accordion feature and an initial maturity of July 31, 2028, and the company separately extended its working cash line on the same terms and date.

Key points

  • New credit facility allows borrowings of up to $625 million, with an initial rate of SOFR plus 0.765%, equal to 6.10% at June 13, 2024
  • Initial maturity is July 31, 2028, with two six-month extensions at the company's option
  • Covenants include total liabilities to total asset value of 60% or less and a fixed charge coverage ratio of at least 1.50:1.00
  • Working cash line with PNC Bank was extended to July 31, 2028 under substantially the same terms

The filing

CompanyEastGroup Properties (EGP)
Form8-K, current report
Filed with the SECJun 13, 2024, 5:23 PM ET
Accession number0000049600-24-000082

Items reported: 1.01 Material Definitive Agreement1.02 Termination of Material Agreement2.03 New Direct Financial Obligation8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 12:56 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 13, 2024.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.