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Published on 2/2/2005 in the Prospect News Bank Loan Daily.

Education Realty Trust gets new $75 million revolver

By Sara Rosenberg

New York, Feb. 2 - Education Realty Trust Inc. closed on new $75 million secured revolving credit facility due Jan. 31, 2008, with the ability to upsize to $125 million under certain conditions, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

J.P. Morgan Securities Inc. and UBS Securities LLC acted as joint bookrunners and joint lead arrangers, with JPMorgan also the administrative agent and UBS the syndication agent.

The facility, which closed on Monday, is priced with an interest rate that can range from Libor plus 150 to 225 basis points depending on leverage.

If total leverage is less than or equal to 45%, the rate is Libor plus 150 basis points. If total leverage is greater than 45% but less than or equal to 50%, the rate is Libor plus 175 basis points. If total leverage is greater than 50% but less than or equal to 60%, the rate is Libor plus 200 basis points. And, if total leverage is greater than 60%, the rate is Libor plus 225 basis points.

Borrowings are available for acquisition, development and enhancement of real property, debt refinancing, capital improvements and working capital, the filing added.

Education Realty Trust is a Memphis real estate investment trust focused on student housing communities located near university campuses.


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