Phillips Edison & Company Closes $350 Million Three-Year Unsecured Term Loan
Key Highlights
- ➤$350 million unsecured term loan closes, maturing October 23, 2029
- ➤$175 million borrowed initially; remaining $175 million available through April 21, 2027
- ➤Initial proceeds repay $161.8 million term loan and revolving-credit balances
- ➤Accordion feature permits up to $800 million in total term loans
- ➤Interest initially SOFR plus 0.80%, adjustable for ratings and leverage
Expert Statements
John Caulfield, Executive Vice President, CFO & Treasurer of Phillips Edison & Company
“PECO continues to have one of the best balance sheets in the Shopping Center REIT sector, which positions us well for continued external growth. We appreciate the continued support of our banking partners. This attractively priced term loan extends our debt maturity profile and provides additional flexibility to match-fund our investment activity and execute our growth strategy.”
CINCINNATI, Oct. 26, 2026 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, today announced that it has closed on a new $350 million unsecured term loan facility. The term loan facility has a three-year term maturing on October 23, 2029 and will initially bear interest at an annual rate of SOFR plus 0.80%, with future pricing subject to adjustment based on the Company's credit ratings and leverage ratio.
Phillips Edison Grocery Center Operating Partnership I, L.P., a subsidiary of the Company and the borrower under the term loan facility (the “Borrower”), borrowed $175 million of the term loan facility at closing with the remaining $175 million available to draw on or before April 21, 2027. The term loan also has an uncommitted accordion feature allowing the Borrower to borrow up to an additional $450 million of term loans, for total term loans of up to $800 million. The Borrower has the ability to prepay the term loan under the facility without premium or penalty any time prior to maturity.
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