CapLease Inc., a New York City-based real estate investment trust, has announced its entry into a $250 million term loan and revolving credit agreement with Wachovia Bank NA. CapLease said the two-year facility (with a one-year extension option) eliminated margin call risk to CapLease for general interest rate and credit spread changes on all loan collateral other than commercial mortgage-backed securities. The company used $210.4 million of term-loan borrowings at the closing of the facility to refinance all collateral previously financed on its short-term warehouse agreement with Wachovia.
Processing Content
