Ramco-Gershenson gets commitment for new $250 million facility

By Jennifer Chiou

New York, April 26 - Ramco-Gershenson Properties Trust announced that following the quarter ended March 31, it received commitments for a new $250 million unsecured bank facility.

The Farmington Hills, Mich.-based real estate investment trust said that the facility comprises a $175 million revolving line of credit and a $75 million term loan.

The three-year revolver and four-year term loan both have a one-year extension option.

Based on leverage, borrowings will bear interest at Libor plus 200 basis points to 275 bps.

The bank commitments are subject to final documentation and closing, which is expected within the next month.

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