EastGroup Properties : Announces Recent Debt and Equity Transactions
March 25, 2020 at 11:43 am EDT
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JACKSON, MISSISSIPPI, March 25, 2020 - EastGroup Properties, Inc. (NYSE: EGP) (the 'Company' or 'EastGroup') announced today its recent financing activities. Today, EastGroup closed a $100 million senior unsecured term loan with a seven-year term and interest-only payments. It bears interest at the annual rate of LIBOR plus an applicable margin based on the Company's senior unsecured long-term debt rating. The Company also entered into an interest rate swap agreement to convert the loan's LIBOR component to a fixed interest rate, providing a total effective fixed interest rate of 2.39%.
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Eastgroup Properties Inc. published this content on 25 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 March 2020 15:42:06 UTC
EastGroup Properties, Inc. is an internally managed equity real estate investment trust (REIT). The Company is focused on the development, acquisition and operation of industrial properties in Sunbelt markets throughout the United States, primarily in the states of Florida, Texas, Arizona, California and North Carolina. The Company owns approximately 510 industrial properties in 12 states. The Companyâs portfolio includes development projects and value-add properties in lease-up and under construction, including approximately 59.2 million square feet consisting of 470 business distribution properties containing 53.9 million square feet. It also has 17 bulk distribution properties containing 4.4 million square feet, and 23 business service properties containing 900,000 square feet.
EASTGROUP PROPERTIES, INC. 
