Wells Real Estate Funds, Atlanta, has closed on a new $500 million unsecured revolving credit facility with a group of 20 lenders.The interest rate on the facility will range from 137.5 to 162.5 basis points over the London interbank offered rate, depending on the company's leverage, the investment management firm said. It matures in April 2005 and replaces the company's $110 million secured revolving credit facility. The new facility was arranged and syndicated by Banc of America Securities LLC. The syndication agent is Wells Fargo, and Commerzbank and Key Bank are the documentation agents. The company can be found online at http://www.wellsref.com.
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