Saul Centers upsizes credit facility to $600M and extends maturities

SAUL CENTERS, INC.

New $600M senior unsecured facility replaces $525M facility; $460M revolver and $140M term loan.
Revolver matures July 30, 2029 (1-yr extension option); term loan matures July 28, 2028 (2 one-year extensions).
$326M outstanding at closing: $140M term loan and $186M revolver; $106.9M revolver undrawn available.
Interest at SOFR + 1.35%-1.95% (revolver) and SOFR + 1.30%-1.90% (term); current spreads 1.40% and 1.35%.
Old credit agreement terminated; financial covenants unchanged (max leverage 0.6:1, min interest coverage 2.0:1).

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