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NEW YORK CITY-American Realty Capital Properties said Friday that it had bumped up its credit facility to $2.87 billion. The net lease REIT says the financing will position it to complete its previously announced acquisitions and fund its organic growth.

The new commitments from lenders also entailed fixing the interest rate on ARCP’s secured acquisition financing, thereby obtaining low-cost property-level debt with an average duration of 9.7 years at a weighted average coupon of 4.70%. “We are gratified to have received resounding support from our lenders who have pledged over $1 billion of new commitments to our credit facility,” says David S. Kay, president of ARCP.  “Our balance sheet strength will enable us to maintain and secure our position as the dominant net lease REIT.”

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