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Regency Centers Corp (NASDAQ:REG) and its subsidiary, Regency Centers, L.P., have entered into an amendment to their credit agreement, introducing sustainability-linked performance targets that could influence the applicable interest rate margin. The amendment, effective as of Monday, was announced in a recent SEC filing.
On July 8, 2024, Regency Centers, L.P., as the borrower, and Regency Centers Corporation, as the guarantor, modified their existing credit arrangement with Wells Fargo Bank, National Association, serving as the Administrative Agent, along with other participating financial institutions. This First Amendment to the Sixth Amended and Restated Credit Agreement revises the baseline metric for calculating sustainability-linked performance targets, specifically related to Scope 1 and Scope 2 emissions.
The updated agreement includes provisions for adjusting the interest rate margin based on the company's success or failure in achieving specified environmental targets. These adjustments are directly linked to Regency's performance in managing its greenhouse gas emissions, reflecting a growing trend in the corporate world to align financial strategies with sustainability objectives.
The details of the amendment are available in the full text attached to the 8-K form as Exhibit 4.1, which is incorporated by reference. This move underscores Regency's commitment to integrating environmental considerations into its financial framework.
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