MALVERN, Pa., Aug. 31 /PRNewswire-FirstCall/ -- Liberty Property Trust (NYSE: LRY) announced today that it has closed a new $500 million unsecured revolving credit facility replacing its previous $600 million credit facility due January 2011. The new facility matures November 1, 2013, and contains an accordion feature which allows Liberty to increase its credit facility amount up to $750 million. Based upon the Company's current credit ratings, borrowings under this facility will bear interest at LIBOR plus 230 basis points.
"This new credit facility right-sizes our borrowing capabilities in accordance with our current capital plan," commented George Alburger, chief financial officer. "The strong interest in this financing is indicative of Liberty's current financial strength and history of conservative balance sheet management."
For this financing, Banc of America Securities LLC and J.P. Morgan Securities Inc. were Joint Lead Arrangers and Joint Bookrunners. Bank of America, N.A. is acting as Administrative Agent; JPMorgan Chase Bank, N.A. as Syndication Agent; Wells Fargo Bank N.A., Citizens Bank of Pennsylvania, SunTrust Bank and PNC Bank, National Association as Documentation Agents; and Citibank N.A., UBS Loan Finance LLC, The Bank of Nova Scotia, Capital One, N.A. and U.S. Bank National Association acted as Managing Agents. Other participants include The Bank of Tokyo-Mitsubishi UFJ, Ltd., Emigrant Realty Finance, LLC, People's United Bank and Chang Hwa Commercial Bank, Ltd., New York Branch.
About the Company
Liberty Property Trust (NYSE: LRY) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 79 million square foot portfolio includes more than 700 properties which provide office, distribution and light manufacturing facilities to 2,000 tenants. Additional information about the company is available in the Investors section of the Company's web site at www.libertyproperty.com.
The statements contained in this press release may include forward-looking statements within the meaning of the federal securities law. Although Liberty believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. As forward-looking statements, these statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the expected results. These factors include, without limitation, the uncertainties affecting real estate businesses generally (such as entry into new leases, renewals of leases and dependence on tenants' business operations), risks relating to our ability to maintain and increase property occupancy and rental rates, the financial condition of tenants, the uncertainties of real estate development and construction activity, the costs and availability of financing, the effects of local economic and market conditions, regulatory changes, potential liability relative to environmental matters and other risks and uncertainties detailed in the company's filings with the Securities and Exchange Commission. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
SOURCE Liberty Property Trust