LaSalleProperties has closed on its new $177.5 million term loan. The seven-year term loan matures on May 16, 2019. The term loan was swapped to a fixed interest rate for the full seven-year term. The term loan’s interest rate will be 3.87 percent when the company's leverage ratio (as defined by the term loan) is between 4.0 and 4.75 times.
Capital Markets and BMO Capital Markets were joint lead arrangers and joint book running managers. US Bank, BB&T and Raymond James Bank are also participants in the term loan.
Jones Lang LaSalle expects to finalize its redemption of all 7.5 percent Series D cumulative redeemable preferred shares and 8.0 percent Series E cumulative redeemable preferred shares on May 21, 2012. Total combined redemption value for the Series D and Series E preferred shares is approximately $166.8 million.