EastGroup Properties Inc. announced a new four-year, $225 million unsecured revolving credit facility with a group of nine banks which was arranged by PNC Capital Markets LLC. The interest rate on the facility is currently LIBOR plus 1.25% for a total of 1.46%, with an annual facility fee of 0.25%. The line of credit, which matures in January 2017, can be expanded by $100 million and has an option for a one-year extension.

This credit facility replaces the expired $200 million credit facility. The Company also renewed its $25 million unsecured working cash credit facility for four years with PNC Bank on the same terms as the revolving credit facility.