Ramco-Gershenson gets $250 million unsecured credit facility

By Sara Rosenberg

New York, Dec. 19 - Ramco-Gershenson Properties Trust closed on a new $250 million unsecured credit facility, according to a company news release.

KeyBank was the lead bank on the deal.

Other participating banks include JP Morgan Chase Bank, Bank of America, Deutsche Bank, LaSalle Bank, PNC Bank, Commerzbank, Comerica Bank, The Huntington National Bank and Fifth Third Bank. Commerzbank, Comerica Bank and Fifth Third Bank are new to the bank group.

The facility consists of a $150 million three-year revolver at Libor plus 115 to 150 basis points and a $100 million five-year term loan at Libor plus 130 to 165 bps, with pricing on the tranches based on leverage.

The revolver has a $100 million accordion feature and can be extended for up to an additional two years at the company's option.

Proceeds were used to pay off the company's secured and unsecured revolving credit facilities as well as a 10-property bridge loan and a construction loan that were entered into earlier this year.

"We are very pleased with the continued support from our bank group, which is strengthened by the addition of a number of new members," said Dennis Gershenson, president and chief executive officer, in the release.

"This unsecured facility, improved pricing and increased size of the new financing provides additional flexibility, which will be beneficial as we execute our business goals going forward."

Ramco-Gershenson is a Farmington Hills, Mich.-based real estate investment trust focused on community shopping centers, regional malls and single-tenant retail properties.

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