Trizec Properties, Chicago, has obtained a $750 million unsecured credit facility from a syndicate of 26 lenders, the real estate investment trust has reported.The three-year facility, which comes with a one-year extension option, consists of a $600 million revolver and a $150 million term loan, Trizec said. Interest-only payments are required on the facility, based upon Trizec's debt profile. The office REIT said the initial interest rate on the facility is expected to be 150 basis points above the London interbank offered rate. The capacity of the facility, which replaces a facility that was secured by nine properties, could also be increased to $1 billion. The facility was co-arranged by Deutsche Bank and Bank of America.
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