REIT Renews $350M Revolver

New Plan Excel Realty Trust, New York, has announced the renewal of its $350 million senior unsecured revolving credit facility and the addition of an accordion feature permitting its expansion to $500 million.The real estate investment trust said the revolver bears interest at 55 basis points over the London interbank offered rate and incurs an annual facility fee of 15 bps. This results in a 15-bp reduction in the effective interest rate, New Plan said. The REIT also announced the renewal of a $150 million senior secured term facility bearing interest at 55 bps over LIBOR, representing a 30-bp reduction. The loan matures on Aug. 25, 2010. Banc of America NA acted as administrative agent for both facilities, New Plan said. The REIT can be found on the Web at http://www.newplanexcel.com.