EastGroup closes on $100M loan, sells $15M of shares

EastGroup Properties (EGP +1.4%) closes on a $100M senior unsecured term loan with a seven-year term and interest-only payments.

Bears interest at annual rate of LIBOR plus an applicable margin based on the company’s senior unsecured long-term debt rating.

Also enters interest rate swap agreement to convert the loans LIBOR component to a fixed interest rate, providing a total effective fixed interest rate of 2.39%.

During Q1, EGP issued 105,837 shares of common stock under its continuous common equity offering program at an average price of $141.73 per share, providing gross proceeds of ~$15M.