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RAMCO GERSHENSON PROPERTIES TRUST FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits

May 30, 2014



Item 1.01 Entry into a Material Definitive Agreement.

On May 28, 2014, Ramco-Gershenson Properties Trust (the "Registrant"), through its majority-owned operating partnership subsidiary Ramco-Gershenson Properties, L.P. (the "Operating Partnership"), completed a private placement of $100 million principal amount of senior unsecured notes. The notes were issued in two series with maturities of 10 and 12 years with interest rates of 4.65% and 4.74%, respectively.

In addition, on May 29, 2014 the Registrant, through the Operating Partnership, closed a $75 million senior unsecured term loan fully underwritten and arranged by Capital One, N.A. The loan has a term of seven years and bears interest at an annual rate of LIBOR plus 1.25% to 2.25% (initially 1.70%) depending upon the Company's leverage or credit ratings. Interest expense will be hedged with an existing interest rate swap expiring in April 2016, resulting in an effective fixed initial annual rate of 2.9%.

In connection with these financings, the Registrant repaid $120 million of bank term debt due in July, 2017.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of Registrant

The information set forth in Item 1.01 is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

99.1 Press Release dated May 29, 2014.

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Source: Edgar Glimpses


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