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Colonial Properties Trust signs new USD500m credit facility with bank syndicate.

M2 EQUITYBITES-April 6, 2012-Colonial Properties Trust signs new USD500m credit facility with bank syndicate(C)2012 M2 COMMUNICATIONS

Real estate investment trust Colonial Properties Trust (NYSE:CLP) reported on Thursday that its operating partnership, Colonial Realty Limited Partnership (CRLP), has agreed a new USD500m unsecured revolving credit facility with a syndicate of banks.

This credit facility has an initial four-year term through to March 2016, with a one-year extension option. It replaces CRLP's earlier USD675m unsecured revolving credit facility that was set to mature in June 2012. CRLP borrowed USD210m under the new unsecured revolving credit facility at closing.

The new facility has a stated interest rate of LIBOR plus a margin of 1.40%, needs an annual facility fee payment that is currently equal to 0.30% of the total loan commitments, provides for up or down interest rate margin and facility fee adjustments within stated ranges as per changes in the credit ratings of CRLP's senior unsecured debt, and contains customary representations, financial and other affirmative and negative covenants, events of defaults and remedies.

The joint lead arrangers and joint bookrunners are Wells Fargo Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated; administrative agent is Wells Fargo Bank National Association; syndication agent is Bank of America NA; and documentation agents are Citibank NA, PNC Bank National Association and U.S. Bank National Association. Managing agents are Branch Banking & Trust Company and JPMorgan Chase Bank NA and the other lenders include Comerica Bank, Synovus Bank and Union Bank NA.

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Publication:M2 EquityBites (EQB)
Date:Apr 6, 2012
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