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FRT > SEC Filings for FRT > Form 8-K on 26-Apr-2013All Recent SEC Filings

Show all filings for FEDERAL REALTY INVESTMENT TRUST | Request a Trial to NEW EDGAR Online Pro



Entry into a Material Definitive Agreement, Financial Statements

Item 1.01. Entry into a Material Definitive Agreement.
On April 22, 2013, Federal Realty Investment Trust (the "Trust") entered into an amendment (the "Amendment") to its Credit Agreement dated as of July 7, 2011 (the "Agreement"), by and among the Trust, as Borrower, the financial institutions party thereto and their permitted assignees under Section 12.6., as Lenders, Wells Fargo Bank, National Association, as Administrative Agent (the "Administrative Agent"), PNC Bank, National Association, as Syndication Agent, Wells Fargo Securities, LLC, as a Lead Arranger and Book Manager, and PNC Capital Markets LLC, as a Lead Arranger and Book Manager.
The Amendment increases the unsecured revolving credit facility (the "Credit Facility") from $400.0 million to $600.0 million and extends the maturity date to April 21, 2017, subject to a one-year extension at the option of the Trust. The Credit Facility initially bears interest at a rate of LIBOR plus 100 basis points, and the spread over LIBOR is subject to adjustment based on our credit rating. As a result of Standard & Poor's recent upgrade of the Trust's credit rating from BBB+ to A-, the spread over LIBOR will decrease to 90 basis points effective May 1, 2013. Under an accordion feature, the Trust has the option to expand the borrowing capacity under the Credit Facility to up to $1.0 billion. The Amendment also makes certain changes to the Trust's financial maintenance and other covenants as described more fully therein.
The foregoing does not constitute a complete summary of the terms and conditions of the Amendment, which is attached hereto as Exhibit 10.1 and incorporated hereunder by reference, or the Credit Agreement, which was attached as Exhibit 10.1 to the Trust's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 11, 2011. The description contained herein of the terms and conditions of the Amendment is qualified in its entirety by reference to the Amendment.

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits

The following Exhibits are included in the Form 8-K:

    Exhibit                           Description of Exhibit

Exhibit 10.1     First Amendment to Credit Agreement, dated as of April 22, 2013,
                 by and among Federal Realty Investment Trust, each of the
                 Lenders party thereto, and Wells Fargo Bank, National
                 Association, as Administrative Agent

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