Benzinga | Mar 31, 2021 04:31PM EDT

Empire State Realty Trust Announces New $850M Unsecured Revolving Credit Facility

Empire State Realty Trust, Inc. (NYSE:ESRT) (the "Company"), a leading real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area, today announced that it has closed on an $850 million, four-year unsecured revolving credit agreement with a group of financial institutions. The new unsecured facility, which has an initial maturity of March 31, 2025 that can be extended by two, six-month periods at the Company's option, will replace the Company's existing undrawn revolving credit facility that was scheduled to mature on August 29, 2021. In addition, the facility has a sustainability-linked pricing mechanism that reduces the borrowing spread if certain benchmarks are achieved each year.

"We are pleased to close on our new four-year revolving credit facility that maintains our robust liquidity position and extends our balance sheet flexibility," said Christina Chiu, Empire State Realty Trust's Executive Vice President and Chief Financial Officer. "The strong execution reinforces the lenders' views of ESRT as an experienced, well-capitalized owner and operator of quality assets and ESRT's ability to access the capital markets."

The new unsecured revolving credit facility was arranged by BofA Securities, Inc., Wells Fargo Securities, LLC, Capital One, National Association, JPMorgan Chase Bank, N.A., and U.S. Bank National Association as Joint Lead Arrangers. Bank of America, N.A. is the Administrative Agent. U.S. Bank National Association is the Documentation Agent. Bank of Montreal and Goldman Sachs Bank USA are Senior Managing Agents. Other lenders include KeyBank National Association and Morgan Stanley Senior Funding, Inc.