Horizon Outlet Centers Secures $46 Million Loan Commitment from John Hancock Mutual Life Insurance Company

Strategic Insights -

Horizon Outlet Centers, Inc., a leading owner, operator, and developer of factory outlet centers, has received two loan commitments totaling $46 million from John Hancock Mutual Life Insurance Company. The funding will be used to pay down the company's line of credit and provide working capital, with the loan being collateralized by two existing outlet centers. This financing provides Horizon with significant financial flexibility to support its 1995 and 1996 development activity and reflects the company's commitment to long-term, fixed-rate debt.

Key Takeaways:

  • Horizon Outlet Centers, Inc. has received two loan commitments totaling $46 million from John Hancock Mutual Life Insurance Company.
  • The loan commitments are subject to customary funding requirements and will be used to pay down the company's line of credit and provide working capital.
  • The loan will be collateralized by two existing outlet centers, providing Horizon with significant financial flexibility.
  • The fixed interest rate of 7.875% on the loan will provide Horizon with long-term, predictable funding costs.
  • The loan commitments will enable Horizon to support its 1995 and 1996 development activity and continue its growth as a leading owner and operator of factory outlet centers.

Statistics:

  • $46 million: Total loan commitment from John Hancock Mutual Life Insurance Company
  • 7.875%: Fixed interest rate on the loan
  • 10 years: Term of the loan
  • 14: Number of outlet centers operated by Horizon Outlet Centers, Inc.
  • 8: Number of states where Horizon's outlet centers are located

Sources:

  • Business Wire, Horizon Outlet Centers, Inc. Receives Two Loan Commitments from John Hancock Mutual Life Insurance Company (June 15, 1995)
  • Horizon Outlet Centers, Inc. public statement (1995)