Cole gets $135 million revolver

By Sara Rosenberg

New York, May 30 - Cole Operating Partnership II, LP closed on a new $135 million three-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Friday.

Bank of America acted as lead arranger, bookrunner and administrative agent on the deal that was completed on May 23, with JPMorgan the syndication agent.

Pricing on the revolver is Libor plus 250 basis points and the unused fee can range from 15 to 230 bps depending on use.

There is a $100 million accordion feature and a one-year extension option.

Proceeds are available for acquiring real estate and real estate related assets, working capital and general corporate purposes.

Cole is a Phoenix-based real estate investment trust.

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