Veris Residential Reduces Debt, Lowers Costs, Sells Asset

Veris Residential, Inc. (VRE) has amended its $500 million credit facility to reduce leverage and execute its 2025 corporate strategy. The updated structure aims to lower its Net Debt to EBITDA ratio to under 10.0x by 2025 and below 9.0x by 2026 through asset sales. The facility includes a $300 million Revolving Credit Facility and a $200 million Term Loan with a leverage-based pricing grid. CEO Mahbod Nia noted a 55-basis-point reduction in borrowing costs and enhanced financial flexibility. VRE also completed an $85 million asset sale, using $80 million to reduce the Term Loan. VRE closed at $14.77 on the NYSE.

Read more at NASDAQ.: Veris Residential Amends $500 Mln Credit Facility, Cuts Borrowing Costs And Sells Asset For $85 Mln