X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.