Equity One Obtains $340MM LOC

Equity One Inc., North Miami Beach, Fla., has entered into a $340 million unsecured revolving credit facility in connection with the closing of its merger with IRT Property Co.The real estate investment trust said it intends to draw on the facility to fund a portion of the cash to be paid to IRT shareholders in the merger, to pay transaction expenses, and to repay approximately $61.6 million of secured mortgage debt and $8 million of unsecured debt. The three-year facility, arranged by Wells Fargo with the participation of 14 other banks, has a one-year extension option and an accordion feature under which Equity One can increase the amount to $400 million, the REIT said. The interest rate, set initially at 100 basis points above the London interbank offered rate, can range from 65 bps to 135 bps over LIBOR depending on the credit ratings of Equity One's senior unsecured long-term debt. The shopping center REIT can be found online at http://www.equityone.net.