The Houston-based Weingarten applied the revenue to paying down a $350-million revolving credit facility used to fuel ongoing acquisition and new development programs. "The issuance of these notes brings our short-term debt to only 16% of total debt, one of the lowest such ratios in the industry," Drew Alexander, Weingartern's president and CEO, said in a press release. He continued that "managing the amount of short-term, floating-rate debt and staggering the company's debt maturities is key to our continued success."
Several times last year, Weingarten issued medium-term notes to take advantage of the low interest rate environment. The result was the issuance of $221 million with a weighted average maturity of 10.1 years and a weighted average interest rate of 5.9%. All proceeds went to reduce the revolving credit facility.
Weingarten's current portfolio contains 303 income-producing properties, of which 245 are shopping centers and 57 are industrial properties. The portfolio totals 38.4 million sf.
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