The operating partnership of Cole Credit Property Trust II (Cole REIT II) has secured a credit facility worth $315 million. The loan of the subsidiary of Cole Real Estate Investments comprises a $100 million term loan and a $215 million of revolving credit facility. The loan carries interest rate ranges from 1.75% to 4.0% and will mature in December 2013.
The senior unsecured credit facility replaces the current $135 million revolving credit agreement. Bank of America and JP Morgan Chase Bank are the administrative agent and syndication agent, respectively. Merrill Lynch, Pierce, Fenner & Smith and JP Morgan Securities were joint lead arrangers and joint book managers in the transaction.
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