MALVERN, PA—Liberty Property Trust reports that the company, along with Liberty Property Trust Limited Partnership, has entered into a new $800-million unsecured revolving credit facility.

The new credit facility matures on Mar. 26, 2018 and replaces its previous $500-million credit line scheduled to mature Nov. 2, 2015.

Based upon Liberty's current credit ratings, borrowings under the new facility will bear interest at LIBOR plus 105 basis points, with a 20 basis point facility fee, the company states. Based on current credit ratings, interest under the previous facility was LIBOR plus 125 basis points, with a 25 basis point facility fee.

The new line contains an accordion feature that allows Liberty to increase its credit facility amount up to $1.2 billion. Liberty, an office and industrial REIT, also has options to extend the maturity date for up to one additional year.

For the new financing, Merrill Lynch, Pierce, Fenner & Smith Inc. and J.P. Morgan Securities LLC were joint lead arrangers and joint bookrunners. Bank of America, N.A. is acting as administrative agent; JPMorgan Chase Bank, N.A. as syndication agent; PNC Bank, National Association, RBS Citizens Bank, N.A., US Bank National Association, and Wells Fargo Bank, National Association as documentation agents; Citibank, N.A. and Goldman Sachs Bank USA as senior managing agents; and Capital One, National Association and Union Bank, N.A. as managing agents. Other participants include Branch Banking and Trust Company, SunTrust Bank, Regions Bank, TD Bank, N.A., and Huntington National Bank.