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PLYMOUTH MEETING, PA-Locally based Brandywine Realty Trust closes on a new $600-million unsecured revolving line of credit. It is syndicated by a group of 19 lenders.

The facility has a four-year term with a one-year option extension available at the REIT’s sole option. It is priced at Libor plus 80 basis points, based on the company’s current BBB credit ratings from Standard & Poor’s and Fitch Ratings and a Baaa3 rating from Moody’s Investor Services.

JP Morgan Securities Inc. and Banc of America Securities LLC lead the syndication. JP Morgan Chase Bank is administration agent; Banc of America is named syndication agent, and Citizens Bank of Pennsylvania, Wachovia Bank NA and Wells Fargo Bank NA are co-documentation agents.

The new line of credit comes a little more than a week before the closing of Brandywine’s $3.3-billion acquisition of Dallas-based Prentiss Properties Trust. It also follows Brandywine’s sale of $300 million in senior secured notes, with proceeds expected to help fund a portion of the cash component of the acquisition. The Prentiss acquisition calls for a cash payment of approximately $2.2 billion, plus assumption of Prentiss debt. Shareholders of both companies have approved the merger, and the closing is scheduled for Jan. 5.

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