MCLEAN, Va., Dec. 30, 2010 /PRNewswire-FirstCall/ -- Gladstone Commercial Corporation (Nasdaq: GOOD) announced that on December 28, 2010, it entered into a credit agreement through its wholly-owned subsidiary, Gladstone Commercial Limited Partnership, providing for a $50 million revolving line of credit (the "Credit Facility"). The Credit Facility was arranged by Capital One N.A. and included Branch Banking and Trust as an additional lender. The Credit Facility has a three year term with a stated interest rate equal to LIBOR, plus an applicable margin of up to three hundred basis points based upon its then existing leverage, with an annual fee of twenty five basis points on the full commitment. The Credit Facility replaces the prior $50 million revolving line of credit, for which KeyBank served as agent.
Gladstone Commercial Corporation is a publicly-traded real estate investment trust ("REIT") that focuses on investing in and owning triple-net leased industrial and commercial real estate properties and selectively making long-term mortgage loans. To sign up to receive notifications about Gladstone Commercial Corporation or its affiliated companies, please visit www.gladstone.com.
For further information contact Investor Relations at 703-287-5893.
SOURCE Gladstone Commercial Corporation