The $230 million refinancing credit for Insignia Financial Group, Inc. is set to close imminently, according to Frank Blanton, v.p. with the New York-based real estate services firm. The three-year revolver, priced at LIBOR plus 2 1/4 %, is a renewal of a previous facility, which will be used for working capital requirements, said Blanton. First Union is administration agent, Lehman Brothers syndication agent and Bank of America documentation agent. These banks had existing and longstanding relationships with Insignia, though B of A is new to a primary role, he noted.
Bank of New York, RBS Financial Markets,Barclays , US Bank and European American Bank are among the other institutions committing to the deal. Pricing on the new credit is slightly wider than on previous loans, reflecting the market conditions, commented Blanton.