Pan Pacific Retail Properties Inc., San Diego, has renewed a $300 million unsecured revolving credit facility and reduced the interest rate on the line of credit.The rate on the three-year facility is 70 basis points above the London interbank offered rate, compared with LIBOR plus 100 bps under the old facility, PPRP said. The administrative agent for the new facility is Bank of America NA. PPRP, an equity real estate investment trust, can be found on the Internet at http://www.pprp.com.
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