SL Green Realty Corp., New York City’s largest commercial property owner, announced that it has received lender commitments sufficient to modify and extend the $1.2 billion revolving line of credit portion of its $2 billion unsecured corporate credit facility. The maturity date of the revolving line of credit will be extended from March 2018 to March 2020 and the cost reduced by 25 basis points.
The modification is expected to close in the first quarter of 2015, subject to the satisfaction of customary terms and conditions.
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Matt DiLiberto, SL Green’s Chief Accounting Officer and Treasurer, commented, “The strength of our balance sheet combined with the performance of our platform has garnered strong support from our lenders. This most recent modification of our credit facility further extends our debt maturity profile, reduces our overall cost of funds and provides exceptional financial flexibility as we seek to continue to take advantage of capital markets opportunities.”
Wells Fargo Securities, LLC; J.P. Morgan Securities LLC; Deutsche Bank Securities Inc., and U.S. Bank National Association are Joint Lead Arrangers, with Wells Fargo Bank, National Association serving as the Administrative Agent, JPMorgan Chase Bank, N.A. serving as the Syndication Agent and Deutsche Bank AG New York Branch and U.S. Bank National Association serving as Co-Documentation Agents.
In other SL Green News, the company has appointed Maggie Hui to be its new Chief Accounting Officer. Hui will assume the position officially on January 1st, 2015.
Ms. Hui, age 50, succeeds Matthew J. DiLiberto, who assumes his new position as SL Green’s Chief Financial Officer on the same date.
She currently serves as Senior Vice President and Corporate Controller, has been with SL Green for 10 years. She joined the Company in September 2004 as Vice President, and in 2007 was promoted to her current position.
Before joining SL Green, Ms. Hui was Vice President and Controller at Acadia Realty Trust from 1995 to 2004 where she was a key member of the financial management team at the time that company became a real estate investment trust. She had previously held positions at a public accounting firm and a private real estate investment firm.
She is a graduate of Binghamton University with a Bachelor of Science degree in Accounting.