DEBT

On June 5, 2017 we refinanced the $175.0 million mortgage loan on Plaza El Segundo at a face amount of $125.0 million and repaid the remaining $50.0 million at par. The new mortgage loan bears interest at 3.83% and matures on June 5, 2027.

On June 23, 2017, we issued $400.0 million aggregate principal amount of fixed rate senior unsecured notes in two separate series. We issued $300.0 million of 3.25% notes that mature on July 15, 2027, were offered at 99.083% of the principal amount, with a yield to maturity of 3.358%. Additionally, we issued $100.0 million of 4.50% notes due December 1, 2044. The 4.50% notes were offered at 105.760% of the principal amount, with a yield to maturity of 4.143%, and have the same terms and are of the same series as the senior notes first issued on November 14, 2014. Our net proceeds from the June note offering after net issuance premium, underwriting fees and other costs was approximately $399.5 million.

In connection with the acquisition of six shopping centers in Los Angeles County, California on August 2, 2017 (as further discussed in Note 3), we assumed mortgage loans with a face amount of $79.4 million and a fair value of $80.1 million. The mortgage loans are secured by the individual properties with the following contractual terms:



	Principal		Stated Interest Rate		Maturity Date
	(in millions)
Sylmar Towne Center	$	17.5	5.39	%	June 6, 2021
Plaza Del Sol	8.6		5.23	%	December 1, 2021
Azalea	40.0		3.73	%	November 1, 2025
Bell Gardens	13.3		4.06	%	August 1, 2026

On August 31, 2017, we refinanced the $41.8 million mortgage loan, at par, on The Grove at Shrewsbury (East) at a face amount of $43.6 million. The new mortgage loan bears interest at 3.77% and matures on September 1, 2027.

During the three and nine months ended September 30, 2017, the maximum amount of borrowings outstanding under our $800.0 million revolving credit facility was $281.5 million and $344.0 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 2.1% and 1.9%, respectively. During the three and nine months ended September 30, 2017, the weighted average borrowings outstanding were $172.7 million and $173.0 million, respectively. At September 30, 2017, there was $41.5 million outstanding balance. Our revolving credit facility, term loan and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders’ equity and debt coverage ratios and a maximum ratio of debt to net worth. As of September 30, 2017, we were in compliance with all default related debt covenants.