OAK BROOK, IL—Inland American Real Estate Trust Inc., based here, has entered into a new, three-year $200 million unsecured revolving line of credit facility, and a four-year, $75 million unsecured term loan.
Thewas completed with a group of lenders led by KeyBanc Capital Markets Inc. and JPMorgan Securities LLC. The credit facility is available for general corporate purposes including acquisitions, new developments and maturing debt payoffs.
“Combined with our cash position and strong balance sheet, this credit facility ensures that we have thecapacity required to support our strategic growth initiatives," said Jack Potts, principal financial officer of Inland American. “KeyBanc has been very flexible and responsive during this process. They’ve worked with Inland American to structure an agreement that supports our company’s growth today and into the future during the term of the credit facility.”
The new line includes an accordion feature that would increase the borrowing capacity to as much as $600 million, if fully exercised. Maturing in May 2016, the unsecured revolving line includes a one-year extension option.
Inland American owns, directly or indirectly through joint ventures in which it has a controlling interest, 794 properties, representing approximately 46 million square feet of retail, industrial and office properties, 5,311 conventional multi-family units, 5,212 student housing beds and 16,345 lodging rooms. Inland American is one of six REITs that are, or have been, sponsored by affiliates of the Inland Real Estate Group of Cos. Inc.