Trizec Modifies $750M LOC

Trizec Properties Inc., a Chicago-based real estate investment trust, has announced a modification and extension of its $750 million unsecured credit facility with a syndicate of 25 lenders.The facility may be increased to $1 billion through an accordion feature and has been extended 16 months to mature in October 2008, Trizec said. The facility requires interest-only payments, with an interest rate linked to the company's total leverage. The initial interest rate is expected to be 105 basis points above the London interbank offered rate. The facility was jointly arranged by Deutsche Bank Securities Inc. and Banc of America Securities LLC. Trizec can be found online at http://www.trz.com.