Trustreet Enters Swap With BoA

Published May 23, 2005, 2:00 p.m. EDT

1 Min Read

Trustreet Properties Inc., a real estate investment trust based in Orlando, Fla., has entered into a $175 million interest rate swap agreement with Bank of America NA, according to Trustreet.The swap agreement effectively converts Trustreet's five-year floating-rate debt under its senior credit facility into a fixed rate of 6.20%, the restaurant REIT said. Steve Shackelford, Trustreet's chief financial officer, said the company has "effectively locked in the cost of capital on a sizable portion of our debt in a historically low interest rate environment." The company can be found online at http://www.trustreet.com.

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