The Mills Corporation, an Arlington, Va., real estate investment trust, is seeking a new $100-150 million credit line and is now accepting term sheets from banks. "We are talking to a lot of banks," said Kenneth Parent, cfo and executive v.p., declining to elaborate. The REIT is seeking pricing that is similar to its current line, which is priced at LIBOR plus 2 3/4%. Banks including Banc of America Securities and Fleet Securities are interested in the business, bankers said. Salomon Smith Barney is also a likely applicant, given its participation in the REIT's recent $84 million equity offering. "We hope they come into our line," Parent said. HypoVereinsbank, which leads the REIT's existing credit along with Commerzbank, may also look to lead this line. The REIT will make its decision based on the bank's ability to provide an overall relationship. "That and pricing, of course," he said.
REIT Seeks Banks For $100M Credit Line