Empire State Realty Trust Announces New $715 Million Credit Facility

Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”) today announced that Empire State Realty OP, L.P., its operating partnership, has entered into a new credit facility in the principal amount of $715 million, which consists of a $620 million revolving credit facility and a $95 million term loan facility.

The new revolving credit facility matures on March 8, 2029, inclusive of two six-month extension periods at the option of the Company, and replaces the existing revolving credit facility that was due to mature in March 2025. The term loan facility matures on March 8, 2029, inclusive of two twelve-month extension periods at the option of the Company, and replaces the existing term loan facility that matures in March 2025.

Initial interest rates on the new facility, which may change based on Company leverage levels, are adjusted SOFR plus 130 basis points for any drawn portion of the revolving credit facility and adjusted SOFR plus 150 basis points for the term loan facility. In addition, the facility has a sustainability-linked pricing mechanism that reduces the borrowing spread if certain benchmarks are achieved each year.

“We are pleased with the successful execution of our new credit facility that maintains our strong liquidity position and extends our balance sheet flexibility as we continue to focus on generating stakeholder value,” said Christina Chiu, Empire State Realty Trust’s President.

The new credit facility was arranged by BofA Securities, Inc. and Wells Fargo Securities, LLC as joint bookrunners, and Bank of America, N.A. is the administrative agent. JPMorgan Chase Bank, N.A. and U.S. Bank National Association are additionally joint lead arrangers. U.S. Bank National Association is the documentation agent. Bank of Montreal and Goldman Sachs Bank USA are senior managing agents. BofA Securities, Inc. is the sustainability structuring agent.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets. The Company is the recognized leader in energy efficiency and indoor environmental quality. ESRT’s flagship Empire State Building – the “World’s Most Famous Building” – includes its Observatory, the #1 attraction in the U.S. in Tripadvisor’s Travelers’ Choice Awards: Best of the Best for two consecutive years. As of December 31, 2023, ESRT's portfolio is comprised of approximately 8.6 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 727 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240311834390/en/