Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-6
under the securities Exchange Act of 1934
Subject Company: IRT Property Company
Commission File No. 001-07859
NEWS RELEASE:
Equity One, Inc. For additional information at the Company:
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1696 NE Miami Gardens Drive Howard Sipzner, CFO
North Miami Beach, FL 33179 Michele Guard, Investor Relations
305-947-1664 Media Contact:
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Abbe Solomon 305-446-2700
FOR IMMEDIATE RELEASE:
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Tuesday, February 11, 2003
Equity One, Inc. Closes $340 Million Unsecured Credit Facility
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North Miami Beach, FL - February 11, 2003 -- Equity One, Inc. (NYSE: EQY), an
owner, developer and operator of primarily supermarket-anchored shopping centers
located predominantly in high growth markets of Florida and Texas, today
announced that it had entered into a $340 million unsecured revolving credit
facility in anticipation of the closing of its merger with IRT Property Company,
which is expected to take place on Wednesday, February 12, 2003. Equity One
intends to draw a portion of the facility, which becomes effective
simultaneously with the merger closing, to fund a portion of the cash
consideration to be paid to IRT shareholders in connection with the merger, to
pay transaction expenses and to repay approximately $61.6 million of secured
mortgage debt and $8 million of unsecured borrowings.
Wells Fargo, serving as Sole Lead Arranger and Administrative Agent, has
arranged the participation of 14 additional banks in the facility. The facility
has an initial term of three years with a one-year extension option, and has an
"accordion feature" whereby the Company can increase the total commitment from
$340 million to $400 million. Pricing for advances under the facility will equal
LIBOR plus a spread ranging from 0.65% to 1.35%, depending on the credit ratings
of the Company's senior unsecured long-term indebtedness. The initial pricing
will be set at LIBOR plus 1.00%.
"We are very pleased to establish this credit facility," stated Chaim Katzman,
Equity One's Chairman and Chief Executive Officer. "Wells Fargo has been a
dependable business partner for Equity One over the past few years, and has
assembled an outstanding group of banks on our behalf. We look forward to a
mutually beneficial relationship with Wells Fargo and the new bank group."
Howard Sipzner, Equity One's Chief Financial Officer, added, "Together with
tomorrow's anticipated closing of the IRT merger and the associated confirmation
of Equity One's post-merger investment grade ratings - BBB- by Standard & Poor's
Ratings Services and Baa3 by Moody's Investors Service - this facility opens a
new chapter for Equity One in terms of financial stability and flexibility."
About Equity One
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Equity One Inc. is a North Miami Beach, Florida based real estate investment
trust that acquires, renovates, develops and manages neighborhood shopping
centers anchored by national and regional supermarket chains and other
necessity-oriented retailers such as drug stores or discount retail stores.
Equity One's approximately 8.5 million square foot portfolio consists of 88
properties primarily located in metropolitan areas of Florida and Texas,
encompassing 55 supermarket-anchored shopping centers, nine drug store-anchored
shopping centers, 19 other retail-anchored shopping centers, one self storage
facility and four retail developments, as well as non-controlling interests in
four unconsolidated joint ventures. For additional information, please visit the
Company's website at www.equityone.net.
Equity One has filed a registration statement on Form S-4, containing a joint
proxy statement/prospectus and other relevant documents, with the SEC concerning
the proposed merger between Equity One and IRT Property Company. You are urged
to read the registration statement containing the joint proxy
statement/prospectus and any other relevant documents filed or that will be
filed with the SEC when they become available because they will contain
important information about Equity One, IRT and the merger. You may obtain the
registration statement containing the proxy statement/prospectus and other
relevant documents free of charge at the SEC's website, www.sec.gov. In
addition, you may obtain documents filed with the SEC by Equity One free of
charge by requesting them in writing from Equity One, Inc., 1696 N.E. Miami
Gardens Drive, Miami, Florida 33179, Attention: Investor Relations, telephone
(305) 947-1664. You may obtain documents filed with the SEC by IRT free of
charge by requesting them in writing from IRT Property Company, 200 Galleria
Parkway, Suite 1400, Atlanta, Georgia 30339, Attention: Investor Relations,
telephone (770) 955-4406.
Forward Looking Statements
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Certain matters discussed by Equity One in this press release constitute
forward-looking statements within the meaning of the federal securities laws.
Although Equity One believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, it can give no
assurance that these expectations will be achieved. Factors that could cause
actual results to differ materially from current expectations include changes in
macro-economic conditions and the demand for retail space in Florida and Texas;
the continuing financial success of Equity One's current and prospective
tenants; continuing supply constraints in its geographic markets; the
availability of properties for acquisition; the success of its efforts to lease
up vacant properties; the effects of natural and other disasters; and other
risks, which are described in Equity One's filings with the Securities and
Exchange Commission.