Item 1.01. Entry into a Material Definitive Agreement.
Amendment to Term Loan Agreement
OnApril 16, 2021 ,Federal Realty Investment Trust (the "Company") entered into an amendment (the "Amendment") to its Term Loan Agreement, datedMay 6, 2020 , among the Company, as Borrower, the financial institutions party thereto and their permitted assignees, as Lenders,PNC Bank, National Association , as Administrative Agent, and the other parties thereto (the "Agreement"). Among other things, the Amendment extended the maturity date of the unsecured term loan outstanding under the Agreement fromMay 6, 2021 toApril 16, 2024 . Under the Amendment, the Company has the right, exercisable two times, to extend the maturity date by twelve months. The Amendment also reduced the applicable margins used to calculate the interest rates on loans outstanding under the Agreement, as set forth therein, to the amounts provided in the following table: Applicable Borrower's Credit Rating (S&P/Moody's Applicable Margin for Margin for all Level or equivalent) all LIBOR Loans Base Rate Loans 1 A/A2 (or equivalent) or better 0.750 % 0.750 % 2 A-/A3 (or equivalent) 0.800 % 0.800 % 3 BBB+/Baa1 (or equivalent) 0.850 % 0.850 % 4 BBB/Baa2 (or equivalent) 1.000 % 1.000 % 5 BBB-/Baa3 (or equivalent) 1.250 % 1.250 % 6 Lower than BBB-/Baa3 (or equivalent) 1.650 % 1.650 % In connection with the Amendment, the Company repaid$100,000,000 of principal amount outstanding under the Agreement, leaving$300,000,000 as the remaining principal amount outstanding thereunder. The Amendment also added an accordion feature allowing the Company to increase the principal balance under the Agreement to up to$500,000,000 .
The foregoing summary of the Amendment does not constitute a complete description of, and is qualified in its entirety by reference to, the terms and conditions of the Amendment, which is filed herewith as Exhibit 10.1.
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 10.1 First Amendment to Term Loan Agreement, dated as ofApril 16, 2021 , by and among the Lenders, New Lenders, Departing Lenders (as each such term is defined therein) andPNC Bank, National Association , as Administrative Agent 104 Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document)
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