Industrial REIT Gets New Credit Facility

EastGroup Properties, a real estate investment trust based in Jackson, Miss., has obtained a new four-year, $200 million unsecured revolving credit facility from a group of seven banks. The interest rate is based on the London interbank offered rate and varies according to debt-to-total-asset value ratios, the industrial REIT reported. The rate now stands at 5.27%, with an annual facility fee of 20 basis points. The facility, which replaces an expiring three-year, $175 million facility, was arranged by PNC Capital Markets LLC. EastGroup can be found online at http://www.eastgroup.net.