June 17, 2015

Real Estate Department assists premier retail REIT in 5-year term loan. 

Willkie client WP Glimcher, a premier retail real estate investment trust (REIT) specializing in the ownership, management and development of shopping centers, recently announced that it has entered into a new 5-year, $500 million term loan. The company used the proceeds to fully repay the remainder of its outstanding bridge loan that was used to finance the January 2015 acquisition of Glimcher Realty Trust and for other general corporate purposes.

The unsecured term loan is led by Bank of America, N.A. as administrative agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated or its affiliates, PNC Bank, National Association, SunTrust Robinson Humphrey, Inc. and U.S. Bank National Association, as joint lead arrangers and joint bookrunners.

In 2014, Willkie represented Washington Prime Group in its $4.3 billion acquisition of Glimcher Realty Trust and advised WPG on Glimcher’s $1.09 billion simultaneous sale of  two malls to Simon Property Group.

The current deal was handled by partner David Drewes, Jeff Goldfarb and Davina Mansur.