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PHILADELPHIA-Pennsylvania Real Estate Investment Trust reports it has entered a new $400-million revolving credit facility that increases its available borrowing capacity, changes the terms from secured to unsecured, and reduces interest rate spreads.

Key facets of the new revolving loan facility include increasing the capacity to $400 million, with an accordion feature that brings the lending limit to $600 million; the initial term of the credit facility is for three years with PREIT having the right to exercise two, one-year options; amounts borrowed will bear interest at a rate of LIBOR plus a range of 150 to 205 basis points depending upon the company’s leverage; and cap rates used to calculate Gross Asset Value are 6.5% for properties with sales per square foot of more than $500 and 7.5% for all other properties.

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