IMC Completes $610M Debt Refinancing
Thursday, November 17, 2016
International Market Centers (IMC), owner of the World Market Center in Las Vegas and numerous showroom properties in High Point, announced a refinancing of its senior secured debt and revolving credit facility.
The new financing, in the form of commercial mortgage pass-through certificates, will initially be $610 million.
IMC said the financing will reduce the company’s cost of capital, extend debt maturities and give the company enhanced financial flexibility.
The transaction was led by Citigroup Global Markets and Bank of America Merrill Lynch.
“This refinancing provides long-term, stable financing, which, combined with the continued strong support of our sponsors, enables us to continue to deliver compelling markets for our buyers and manufacturers,” said Robert Maricich, CEO of IMC.
“Importantly, this transaction is a reflection of the excellent growth and financial success we have achieved in both High Point and Las Vegas, and demonstrates the confidence of the broader financial community in the value of our assets and the growth embodied in our strategic plan.”
IMC’s principal owners are the investment firms Bain Capital and Oaktree Capital.
“We are thrilled by the strong growth IMC has demonstrated and the value it continues to deliver to its tenants and buyers,” said Bain Capital spokesman Phil Loughlin. “IMC’s strategic focus on the furniture, gift and home décor industries as well as its distinctive assets and broad footprint in both High Point and Las Vegas position the company well to deliver an unparalleled experience.”