Trustreet exercises $100 million term loan accordion feature

By Sara Rosenberg

New York, Jan. 5 - Trustreet Properties Inc. raised $100 million of additional term loan debt under its existing $175 million term loan through the use of the accordion feature contained in its credit agreement, according to a company news release.

The now $275 million term loan matures in April 2010 and contains an interest rate of Libor plus 200 basis points.

Proceeds from the additional term loan debt were used to repay revolver debt and fund a portion of the $119.1 million acquisition of restaurant properties from Wendy's International Inc. that closed on Dec. 29.

Trustreet is an Orlando, Fla.-based self-advised restaurant real estate investment trust.

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