Realty Company Increases Facility

  • 11 Mar 2001
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Indianapolis-based, Duke-Weeks Realty Corporation increased its $450 million facility to $500 million upon refinancing the credit. Gene Zink, cfo, said "it would take a book not a newsletter," to describe why the company increased the credit, declining to elaborate on the reasoning behind it. The company signed the new $500 million credit on Feb. 28 for what Zink described as operating capital purposes. The old $450 million, three-year facility was maturing in March and will be replaced with a three-year revolver.

Zink said the company chose the same banks to lead the facility based on past relationships. BANK ONE,Wells Fargo, and PNC Bank lead the credit. Zink said 14 other banks also came in on the oversubscribed credit. In addition, the company was able to lure new banks such as J.P. Morgan Chase, Deutsche Bank, and Northern Trust into participatory roles. Zink said despite the increase in the credit size, the company was actually able to bring pricing down slightly on the loan because of positive performance for the last three years. The new credit is priced at LIBOR plus 65 basis points versus the old facility priced at LIBOR plus 70 basis points. Pricing on the facility is tied to a grid based on the company's credit ratings.

  • 11 Mar 2001

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4 Goldman Sachs 2,615 4 6.46
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