CINCINNATI—Phillips Edison Grocery Center REIT I, Inc. has just obtained an amendment to its unsecured revolving credit facility that includes an increase from $350 million to $700 million in aggregate commitments, according to company officials. Through an accordion feature and subject to certain conditions, the company may further increase availability under the credit facility to $1 billion. The credit facility, as amended, otherwise maintains the same terms. 

This is another significant step for the company that provides maximum flexibility as we finish building our portfolio and pursue strategic options for our shareholders,” said Jeff Edison, chairman and chief executive officer. 

“We believe this increase represents another validation of the company and our ability to execute on our grocery-anchored strategy,” said Devin Murphy, chief financial officer. “We appreciate the continued commitment from our banking partners and value their support.”

The company has been a very active buyer throughout the year. In the third quarter, for example, it kept up its quick pace by purchasing 11 centers in 10 states with an aggregate price of $165 million. In the first and second quarters the company had picked up a combined 37 centers across the US with an aggregate price of more than $600 million.

“We’re still focused on buying centers with the #1 or #2 grocers in the markets we go into,” Edisontold “We have a rigid system that we go through to buy these assets.”

As of December 17, 2014, the company owned and managed a retail portfolio consisting of 136 grocery-anchored shopping centers totaling about 14.5-million-square-feet.

The credit facility was oversubscribed, company officials add, and included the introduction of three new lenders: Fifth Third Bank, RBC Bank, and Capital One. Bank of America is the administrative agent under the credit facility, while KeyBank and Citibank both serve as co-syndication agents. Merrill Lynch, Pierce Fenner & Smith Inc., KeyBank and CitiGroup Global Markets Inc. acted as joint lead arrangers for the credit facility. The lending syndicate also includes UnionBank; JPMorgan Chase Bank; Wells Fargo Bank; PNC Bank; and Deutsche Bank AG.