Over the next 45 days, the purchaser retains an option topurchase up to an additional $15 million more of the senior notes,which would take the total to $150 million. AFR will apply netproceeds of the offering principally to fund the acquisition ofadditional properties. Until then, it plans to invest the proceedsin short-term marketable securities or in money marketaccounts.

This suggests that AFR plans to continue a buying spree thatadded approximately 397 bank buildings and branches, aggregatingabout 15.3 million sf, to its portfolio in late September, althoughGlobeSt.com was unable to confirm this by deadline. This additionto the AFR portfolio occurred in two separate sale/leasebacktransactions at a cost in excess of $1 billion. AFR acquired 145Wachovia properties and approximately 252 Bank of Americaassets.

A major portion of the financing for the BofA acquisition camefrom AFR's Deutsche Bank warehouse line of credit, which was raisedto $400 million at Libor plus 1.75%. In the first quarter of nextyear, AFR plans to negotiate permanent secured financing of up to$350 million on the BofA portfolio, according to the REIT's 8-Kfiling with the SEC.