EastGroup $175 million three-year revolver at Libor plus 115 basis points

New York, Jan. 9 - EastGroup Properties said it closed on a new three-year $175 million unsecured revolving credit facility.

Borrowing costs vary according to the Jackson, Miss. industrial real estate investment trust's debt to total asset value ratio and are currently Libor plus 115 basis points.

For its initial draw, EastGroup borrowed $84 million at six-month Libor for a rate of 3.14% and $34 million at one-month Libor for a rate of 3.01%.

EastGroup said the loan was oversubscribed and added that both the interest rate margin and fees were lower than its previous $150 million facility.

Lead arranger and administrative agent for the new credit line is PNC Bank with the syndicate also including AmSouth Bank, Commerzbank, SouthTrust Bank, U.S. Bank, Wells Fargo Bank, SunTrust Bank, Compass Bank, Trustmark National Bank and First Tennessee Bank.

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