SL Green Closes $500M LOC

SL Green Realty Corp., a New York-based real estate investment trust, has announced the arrangement of a new $500 million senior unsecured revolving credit facility that can be expanded to $800 million.The three-year facility, which replaces existing credit facilities, bears an adjustable interest rate that currently stands at 85 basis points over the London interbank offered rate. It includes an option for a one-year extension. "The upfront fees for this facility were 60% less than that of the previous facility, and the borrowing spreads have been reduced by up to 25 basis points from their existing levels," the REIT said. SL Green specializes in acquiring, owning, and managing office properties in Manhattan. It can be found online at http://www.slgreen.com.