DCT Industrial Trust closes on $300 million term loan

New York, June 9 - DCT Industrial Trust Inc. said it completed a $300 million two-year senior unsecured term loan.

Bank of America and Wells Fargo led the syndicate of 10 banks.

Interest is at Libor plus 150 basis points, based on DCT's current leverage. The company said it has entered into a swap to fix the funding cost at 4.73%.

DCT will draw on the loan in two tranches. The first $100 million was borrowed on June 9 and used to repay maturing unsecured notes. The remaining $200 million can be borrowed up to Dec. 31, 2008 and will be used to pay down the company's credit facility.

DCT is a Denver-based industrial real estate company that owns, operates and develops high-quality bulk distribution and light industrial properties in high-volume distribution markets in the United States and Mexico.

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