AmREIT gets $75 million three-year revolver with $75 million accordion

By Toni Weeks

San Diego, Aug. 6 - AmREIT, Inc. closed a $75 million three-year unsecured revolving credit facility with PNC Bank, NA as administrative agent on Monday, according to a press release.

The facility has an accordion feature that allows the company to double availability to $150 million. In addition, the company may extend the maturity by one year.

PNC Capital Markets LLC, an underwriter for the company's public offering in July, was the lead arranger and bookrunner for the facility. Capital One, NA was the syndication agent, and Amegy Bank and US Bank, NA were co-documentation agents.

Proceeds will be used for general corporate purposes, including debt financing, property acquisitions, new construction, renovations, expansions, tenant improvement costs and equity investments.

Based in Houston, AmREIT is a real estate investment trust.

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