REIT Renews Credit Facility

First Industrial Realty Trust Inc., a Chicago-based real estate investment trust, has announced the renewal of its senior unsecured revolving credit facility.The new three-year credit facility provides a borrowing capacity of up to $500 million that can be increased to $600 million under certain conditions. It replaces previous line-of-credit agreements and reduces the interest rate to 62.5 basis points above the London interbank offered rate, the REIT said. J.P. Morgan Chase Bank NA acted as administrative agent for the renewal, and Wachovia Bank NA was the syndication agent.