Duke Expands Line of Credit to $450 Million.INDIANAPOLIS--(BUSINESS WIRE)--Oct. 5, 1998--Duke Realty Investments, Inc. (NYSE NYSE See: New York Stock Exchange :DRE DRE Digital rectal examination. Mentioned in: Rectal Examination ) announced today that it has expanded its unsecured line of credit from $250 million to $450 million. The interest rate on this expanded facility remains at LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 0.80 percent and the fee structure has also stayed the same. The lead banks on the expanded facility are Bank One and 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. . According to Gene Zink, Duke's Chief Financial Officer, "In today's tumultuous capital markets we are very pleased to nearly double our unsecured line of credit while maintaining our pricing. The fact that our banks substantially oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. our expanded facility is testimony to the confidence they have in Duke. As a result of this transaction we have even greater liquidity and financial flexibility to fund our business." Duke Realty Investments is a fully integrated real estate company that owns interests in a diversified portfolio of 465 industrial, office and retail properties encompassing approximately 55 million square feet. These properties are primarily located in eight Midwestern cities. Duke Realty also owns approximately 1,800 acres of land that can support approximately 27 million square feet of future development. |
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