(Read more on the debt and equitymarkets.)


BIRMINGHAM, AL-Colonial Properties Trust has added $175 millionof additional borrowing capacity with help from an accordionfeature in its existing unsecured revolving credit facility. Themove effectively boosts the company's overall borrowing capacity to$675 million, while allowing it to continue executing its businessplan without tapping into public capital markets during the nextyear to year and a half.


The expanded credit facility will mature in June 2012, and isbeing used to fund projects in the company's development pipelineand for general corporate purposes. As of Jan. 10,, the REIT had$27 million of borrowings outstanding under the facility.


Charlotte, NC-based Wachovia Bank N.A. and Bank of America Corp.were the lead arrangers for the facility, with additionalcommitments kicked in from a bank syndicate that was already anexisting lender in the credit facility. The credit facility has aninterest rate of 75 basis points over Libor. The facility alsoincludes a competitive bid option for up to 50% of thefacility.

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