Gramercy Cap Modifies Repo, Credit Facilities

Gramercy Capital Corp., a New York-based investor in commercial mortgage-related loans and securities, has announced modifications to $900 million of secured repurchase facilities and the expansion of its unsecured credit facility from $100 million to $175 million.The company said the repo modifications -- involving a $500 million facility with Wachovia Securities LLC and a $400 million facility with Goldman Sachs Mortgage Co. -- reduced the credit spreads under the facilities by approximately 25%, increased advance rates against selected collateral, and enhanced the flexibility of the facilities. Regarding the credit facility, the interest rate was reduced from 2.10% above the London interbank offered rate to 1.65% over LIBOR. The amendment and restatement also extended the facility to June 28, 2010, and eased certain financial and other restrictive covenants, the company reported. The facility was arranged by KeyBanc Capital Markets. Gramercy Capital can be found online at http://www.gramercycapitalcorp.com.