Phillips Edison Grocery Center REIT II, Inc. Enters into Fixed Interest Rate Swap Agreements on $243 Million of Debt
CINCINNATI–(BUSINESS WIRE)–Phillips Edison Grocery Center REIT II, Inc. (the “Company”) today announced that on July 7, 2016, it entered into interest rate swap agreements to fix the interest rate on $243 million of debt in its Unsecured Term Loan Credit Facility.
The swaps convert the floating rates of the first and second term loan tranches to a fixed rate of interest of 2.24% through July 2019 and 2.31% through June 2020, respectively.
“Executing these swaps aligns with our strategy to prudently manage our interest rate risk,” said Devin Murphy, Chief Financial Officer. “In doing so, we have to decreased our interest rate exposure and secured attractive rates through the duration of the term loans.”
About Phillips Edison Grocery Center REIT II, Inc.
Phillips Edison Grocery Center REIT II, Inc. is a public non-traded real estate investment trust that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. As of July 25, 2016, the Company owned and managed an institutional quality retail portfolio consisting of 69 grocery-anchored shopping centers totaling 8.5 million square feet of gross leasable area. For more information on the Company, please visit the website at www.grocerycenterREIT2.com.
This press release contains forward-looking statements about the Company’s business, including, in particular, statements about its access to credit, pipeline, plans, strategies and objectives. You can generally identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words. You should not rely on these forward-looking statements because the matters they describe are subject to the factors detailed under Risk Factors in the Company’s most recent Form 10-K and subsequent Forms 10-Q on file with the Securities and Exchange Commission as well as other known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond the Company’s control. The Company’s actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements.
Phillips Ediscon Grocery Center REIT II, Inc. is sponsored by Phillips Edison and Company, learn more about Phillips Edison here.
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