Arden Realty, Inc. Closes $75 Million Unsecured Term Loan.Business Editors LOS ANGELES--(BUSINESS WIRE)--June 13, 2002 Arden Realty, Inc. (NYSE NYSE See: New York Stock Exchange :ARI ARI Acute respiratory infection, see there ), a Los Angeles-based office real estate investment trust, or REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). , today reported that its operating partnership closed a $75 million unsecured term loan with Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank and repaid a $75 million unsecured line of credit that was scheduled to mature in July 2002. The new term loan matures in June 2004, has a two-year extension option and bears interest at LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 1.25% during the initial term and LIBOR plus 1.45% during the extension period. "We are very pleased with the response we received in placing this loan and with the terms of this facility with Wells Fargo. With our renewal option, this loan matures in 2006 and fits nicely into our maturity schedule," said Richard Davis, Senior Vice President and Chief Financial Officer. Arden Realty, Inc. is a self-administered, self-managed REIT that owns, manages, leases, develops, renovates and acquires commercial office properties located in Southern California. The Company's portfolio contains 130 properties and approximately 18.0 million rentable square feet. |
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