Republic Property gets $150 million revolver

By Sara Rosenberg

New York, May 2 - Republic Property Limited Partnership closed on a new $150 million secured revolving credit facility due May 2009, with a one-year extension option, according to a company news release.

KeyBanc Capital Markets acted as the lead arranger on the deal. KeyBank is administrative agent, SunTrust Bank is syndication agent and Charter One is documentation agent. Other participating banks include Raymond James Bank, PNC Bank, Sovereign Bank, Wachovia Bank and Emigrant Bank.

Borrowings can carry an interest rate anywhere form Libor plus 115 to 190 basis points, based on leverage.

The revolver has a $100 million accordion feature.

Security is the company's Campus at Dulles Technology Center and Presidents Park I, II and III properties.

"Our credit facility will enable us to secure acquisitions in a competitive environment and facilitate our financial growth," said Mark R. Keller, chief executive officer, in the release.

"After using funds from the credit facility to repay the Presidents Park variable rate loan, we now have no debt maturities until 2008."

Republic Property is a Washington D.C.-based self-administered and self- managed real estate investment trust formed to own, operate, acquire and develop primarily Class A office properties.

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