Inland American Real Estate closes $275 million revolver, term loan

By Susanna Moon

Chicago, May 9 - Inland American Real Estate Trust, Inc. said it obtained a $200 million three-year unsecured revolving line of credit facility and a $75 million four-year unsecured term loan from a group of lenders led by KeyBanc Capital Markets, Inc. and JPMorgan Securities LLC.

Pricing is Libor plus 190 basis points for the revolver and Libor plus 180 bps for the term loan, each based on leverage.

The new credit line includes an accordion feature that allows the company to boost the borrowing capacity to up to $600 million, according to a company press release.

The unsecured revolving line matures in May 2016 and includes a one-year extension option.

KeyBank NA is the administrative agent; JPMorgan Chase Bank, NA is the syndication agent; and Bank of America, NA, Citibank, NA and Wells Fargo Bank are the co-documentation agents and lenders.

Proceeds will be used for general corporate purposes, including acquisitions, new developments and maturing debt payoffs.

"Combined with our cash position and strong balance sheet, this credit facility ensures that we have the financial capacity required to support our strategic growth initiatives," Jack Potts, principal financial officer of Inland American, said in the press release.

Inland is an Oak Brook, Ill.-based real estate investment trust.

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