Centerline gets $365 million credit facility

By Sara Rosenberg

New York, Jan. 3 - Centerline Holding Co. closed on a new $365 million credit facility, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Bank of America and Citigroup acted as the joint lead arrangers on the deal that was completed on Dec. 27, with Bank of America the bookrunner and administrative agent.

The facility consists of a $140 million term loan due Dec. 26, 2008 and a $225 million revolver due June 26, 2009, with both tranches priced at Libor plus 300 basis points.

Pricing on the revolver will step down to Libor plus 275 bps on March 31, 2009.

There's a $10 million accordion feature under the term loan and a $75 million accordion feature under the revolver.

Proceeds are being used to discharge certain existing indebtedness and to provide for ongoing working capital requirements and general corporate purposes.

Centerline is a New York-based investment holding firm.

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