AMB Renews $500MM LOC

AMB Property Corp., a San Francisco-based real estate investment trust, has obtained an early renewal of a $500 million senior unsecured revolving line of credit that was due to mature in December 2005.The industrial REIT said the three-year credit facility includes a provision under which up to $250 million can be drawn in yen, euros, or pounds sterling. In addition, the LOC, which matures in June 2007, can be increased to $700 million under certain conditions. Credit under the new facility is priced at 60 basis points above the applicable London interbank offered rate for both the dollar and the foreign currency components. There is also an annual facility fee of 20 bps. "The ability to quickly deploy capital in multiple currencies improves our agility in targeted global market," said Hamid R. Moghadam, AMB chairman and chief executive officer. J.P. Morgan Securities and Banc of America Securities have jointly arranged the facility for a syndicate of 18 U.S. and international banks.