Wells Fargo and Seven Other Lenders Participated in Credit Facility

OAK BROOK, Ill.--(BUSINESS WIRE)-- InvenTrust Properties Corp. (“InvenTrust” or the “Company”) announced today it has entered into a new $300 million unsecured term loan credit facility (the “Facility”) with a group of lenders led by Wells Fargo Securities, LLC (“Wells Fargo”). The Facility is available for general corporate purposes including acquisitions and maturing debt payoffs. This borrowing capacity significantly increases InvenTrust’s financial resources for both working capital and the Company’s future debt maturities.

"The execution of this new credit facility provides an opportunity to enhance InvenTrust’s strong capital position and balance sheet capacity”, said Michael E. Podboy, Executive Vice President – Chief Financial Officer, Chief Investment Officer of InvenTrust. “We also expect it will lower our overall cost of financing and fund the retirement of a portion of our secured debt maturing in 2017."

Angela Blaising, VP of Capital Markets for InvenTrust, added, “Wells Fargo worked with InvenTrust to structure an agreement that supports our Company’s long-term strategy and enhances the laddering of our debt maturities. We are pleased to add this significant credit facility to our capital portfolio.”

The Facility includes an accordion feature that allows the Company, under certain circumstances, to increase the size of the Facility by up to an additional $300 million. The Facility, which is separate from but pari passu with the Company’s existing $300 million unsecured line of credit, is comprised of two tranches: $200 million with a term of just more than five years and $100 million with a term of seven years. The Facility may be drawn for one year from the agreement date, after which the unused portion will terminate.

Pricing is based on the Company's total leverage ratio at September 30, 2015. Pricing for the first tranche is LIBOR plus 1.30% and for the second tranche is LIBOR plus 1.60%.

Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith, Incorporated acted as joint lead arrangers for the five-year tranche and PNC Capital Markets LLC acted as joint lead arranger for the seven-year tranche. Wells Fargo Bank, N.A. is the administrative agent. Bank of America, N.A. is the syndication agent for the five-year tranche and PNC Bank, N.A. is the syndication agent for the seven-year tranche.

ABOUT INVENTRUST PROPERTIES CORP.

InvenTrust became a self-managed real estate investment trust in 2014; as of September 30, 2015, it owned 128 multi-tenant retail properties (including 18 JV assets), comprising 19 million square feet of retail space in 24 states. In addition, its student housing business, University House Communities, has 16 properties (including 1 JV asset) with 9,600 beds. InvenTrust also owns 5.8 million square feet of non-core, office and industrial buildings.

Forward-Looking Statements Disclaimer

Forward-looking statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical, including statements regarding management’s intentions, beliefs, expectations, representation, plans or predictions of the future and are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, our ability to execute on our capital management and financing plans and our compliance with the terms, conditions and covenants in the facility. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see the Risk Factors included in our most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the Securities and Exchange Commission. We intend that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

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Media:
InvenTrust Properties Corp.
Dan Lombardo, 630-570-0605
dan.lombardo@InvenTrustProperties.com

Source: InvenTrust Properties Corp.