Ramco-Gershenson gets $217 million credit facility led by KeyBank

By Sara Rosenberg

New York, Dec. 14 - Ramco-Gershenson Properties Trust closed on a new $217 million secured credit facility, according to a news release.

KeyBank acted as the lead bank on the deal.

The facility consists of a $150 million three-year revolver and a $67 million term loan due June 2011, with both tranches priced at Libor plus 350 basis points with a 2% Libor floor.

The revolver has a $50 million accordion feature.

Proceeds were used to refinance existing bank debt.

In addition, the company amended its secured revolver for the Town Center at Aquia, reducing the size to $20 million from $40 million and changing the maturity date to Dec. 31, 2010, with two one-year extension options.

The amended revolver is also priced at Libor plus 350 bps with a 2% Libor floor.

Ramco-Gershenson is a Farmington Hills, Mich.-based real estate investment trust, which owns, develops, acquires, manages and leases community shopping centers, regional malls and single tenant retail properties.

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