Regency Centers, L.P. and Regency Centers Corporation entered into a Seventh Amended and Restated Credit Agreement on November 10, 2026. The agreement amends and restates the Sixth Amended and Restated Credit Agreement, which was originally dated January 18, 2024, and amended in July 2024.
The new agreement establishes a senior unsecured revolving credit facility with an aggregate principal amount of $1.5 billion, maturing on November 8, 2030. It also includes a senior unsecured delayed draw term loan facility with an aggregate principal amount of $550.0 million, maturing on February 10, 2031. The term loan facility may be drawn in up to six separate borrowings during an availability period that begins after the closing date and ends no later than May 10, 2027.
The Credit Agreement features an uncommitted accordion feature that allows for an increase in commitments or the addition of term loans, provided the aggregate amount of commitments and term loans does not exceed $3.0 billion. The revolving facility includes a $50.0 million letter of credit sublimit, a $125.0 million swingline subfacility, and an option for competitive bid loans up to 50% of the revolving commitments.
Interest rates under the agreement are determined by Regency’s election and credit rating, with margins ranging from 0.000% to 1.550% depending on the facility type and rating. The company is required to pay a facility fee on unused revolving commitments and a ticking fee on unfunded delayed draw term loan commitments. The obligations are unsecured and guaranteed by Regency Centers Corporation and certain subsidiaries.
Wells Fargo Bank, National Association serves as the administrative agent, with Wells Fargo Securities, PNC Capital Markets, and U.S. Bank National Association acting as Joint Bookrunners. The agreement includes customary financial covenants, such as ratios for indebtedness to total asset value, unsecured indebtedness to unencumbered asset value, and adjusted EBITDA to fixed charges. It also includes standard events of default and provisions allowing for two optional extensions of the maturity dates, subject to the payment of extension fees ranging from 0.050% to 0.075%.
