Ramco-Gershenson amends revolvers to reduce pricing

By Sara Rosenberg

New York, Jan. 5 - Ramco-Gershenson Properties Trust amended its secured revolving credit facility, increasing the size to $160 million from $125 million and reducing pricing by 45 basis points. Furthermore, the company amended its $40 million unsecured revolver to lower pricing as well.

The secured revolver pricing grid can now range from Libor plus 115 to 155 basis points compared to the previous grid that ranged from Libor plus 150 to 200 basis points, according to a company news release.

The secured revolver due Dec. 29, 2005, with a one-year extension option, also contains an accordion feature allowing up to a $40 million increase for a total of $200 million.

Fleet National Bank is the agent on the secured deal. Other lenders include Deutsche Bank Trust Co. Americas, JP Morgan Chase Bank, Standard Federal Bank, Huntington National Bank, U.S. Bank, PNC Bank and KeyBank.

The unsecured revolver pricing grid can now range from Libor plus 185 to 225 basis points compared to the previous grid that ranged from Libor plus 325 to 375 basis points.

Fleet National Bank and KeyBank are the lenders under the unsecured revolver.

"The increase to our secured revolving line of credit as well as the positive pricing change in both credit facilities provide us with even greater financial flexibility to execute our business plan," said Dennis Gershenson, president and chief executive officer, in the release.

Ramco-Gershenson Properties Trust is a Southfield, Mich., equity real estate investment trust focused on community shopping centers.

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