Taubman Centers, Inc. announced the amendment and restatement of its primary revolving line of credit, which included a new, unsecured $300 million term loan and an extension of the $1.1 billion revolving credit facility.

“This financing provides us additional financial flexibility, at favorable terms, to reinvest in our assets and fund our operations for years to come,” said Simon J. Leopold, executive vice president and chief financial officer of Taubman Centers.

The new, 5-year, $300 million term loan is interest only. The $1.1 billion revolving line of credit has been extended to February 2021, with two six-month extension options. The term loan and the revolving line of credit facility bear interest at a range based on the company’s total leverage ratio. As of today, the leverage ratio results in a rate of LIBOR plus 1.60 percent for the new term loan and a rate of LIBOR plus 1.45 percent with an annual 0.225 percent facility fee for the revolver.

Proceeds from the $300 million term loan were used to repay the existing balances on the company’s lines of credit. The remaining net proceeds of approximately $21 million will be used for general corporate purposes. The line is guaranteed by the entities that own Dolphin Mall (Miami, Fla.), Twelve Oaks Mall (Novi, Mich.), Beverly Center (Los Angeles, Calif.) and The Gardens at El Paseo (Palm Desert, Calif.).

For this facility, JPMorgan Chase Bank, N.A. was joint lead arranger and sole bookrunner; PNC Bank, National Association and Wells Fargo Bank, National Association were joint lead arrangers and co-syndication agents; U.S. Bank National Association and Suntrust Bank were documentation agents; and Mizuho Bank, Ltd. and The Bank of Nova Scotia were managing agents. In addition to the above financial institutions, there were 7 co-lenders in the facility.