Ramco-Gershenson Properties Trust gets $250 million credit facility

By Sara Rosenberg

New York, May 3 - Ramco-Gershenson Properties Trust closed on a new $250 million unsecured credit facility, according to a news release.

KeyBank Capital Markets acted as the lead bank on the deal.

The facility consists of a $175 million three-year revolver and a $75 million four-year term loan, with pricing on both tranches ranging from Libor plus 200 basis points to 275 bps based on leverage.

The revolver and the term loan include one-year extension options.

Proceeds were used to replace a previous $150 million secured credit facility.

Ramco-Gershenson is a Farmington Hills, Mich.-based real estate investment trust that owns and manages shopping centers.

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