Trustreet Properties gets new $350 million credit facility

By Sara Rosenberg

New York, April 8 - Trustreet Properties Inc. closed on a new $350 million senior secured credit facility, according to a company news release.

Banc of America Securities LLC acted as sole lead arranger and sole bookrunner on the deal.

The facility consists of a $175 million revolving credit facility due April 8, 2008 with an interest rate of Libor plus 225 basis points and a $175 million term loan due April 8, 2010 with an interest rate of Libor plus 200 basis points.

The revolver's maturity date can be extended for an additional year at the company's election under certain conditions.

Proceeds are being used to repay outstanding debt and for general corporate purposes.

"We are pleased with the cost of capital obtained for this financing as well as the quality and diversity of institutional investors and lenders participating. The transaction serves as the final step in completing our desired capital structure following the Feb. 25, 2005 merger between CNL Restaurant Properties, U.S. Restaurant Properties, and 18 CNL Income Funds," said Curtis McWilliams, president and chief executive officer, in the release.

Trustreet Properties is a Dallas-based self-advised restaurant real estate investment trust.

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