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MALVERN, PA-Liberty Property Trust obtains a new $600-million unsecured revolving credit facility. It replaces the locally based REIT’s previous $450-million credit facility due January 2006.

The new four-year facility matures in January 2010 and, based on Liberty’s current credit rating, bears interest at Libor plus 65 basis points. It was syndicated to a group of 22 US and foreign banks. Bank of America and JP Morgan Chase co-led the syndicate. BofA is acting as administrative agent, and JP Morgan Chase is syndication agent.

Citizens, SunTrust and Wachovia banks serve as documentation agents; PNC and Wells Fargo are managing agents, and Key Bank, Emigrant Savings M&T and West LB are co-agents. Other participants include Bank of Ireland, Bank of Nova Scotia, Chang Hwa Commercial, Chevy Chase Bank, Citicorp, Credit Suisse, Mizhuo Corporate, People’s Bank, UBS Loan Finance, UFJ Bank and US Bank.

George Alburger, Liberty’s CFO, says, “through this new credit facility, we are well-positioned to fund our expanding growth platform.” During a third-quarter conference call, Bill Hankowsky, chairman, said that as of Sept. 30, the company had 27 projects, aggregating 6.1 million sf over 17 markets in the pipeline. The REIT’s portfolio currently contains more than 700 properties in the US and UK encompassing 63 million sf of office, distribution and industrial space.

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