REIT Boosts Credit Facility

Published July 30, 2007, 2:00 p.m. EDT

1 Min Read

UDR Inc., a real estate investment trust based in Richmond, Va., has announced an increase in its credit facility from $500 million to $600 million and extended its maturity to July 26, 2012.The REIT said the facility may be increased to $750 million under certain circumstances. Based on the company's current credit ratings, the facility carries an interest rate of 47.5 basis points over the London interbank offered rate, a 10-bp reduction from that of the previous facility. Wachovia Capital Markets LLC and J.P. Morgan Securities Inc. arranged the facility, which was syndicated to 17 banks. UDR, a multifamily REIT, can be found online at http://www.udr.com.

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