Gramercy enters restated revolver via Deutsche Bank, Merrill Lynch

By Marisa Wong

Madison, Wis., Sept. 30 - Gramercy Property Trust Inc.'s operating subsidiary, GPT Property Trust LP, entered into on Sept. 24 an amended and restated credit and guaranty agreement with Deutsche Bank AG New York Branch as administrative agent, Deutsche Bank Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith as joint lead arrangers, Deutsche Bank Securities Inc. as bookrunner and Bank of America, NA and RBC Capital Markets as co-syndication agents, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement amends and restates GPT's existing credit and guaranty agreement dated Sept. 4 to make the following changes:

• Designate some properties as borrowing base properties and modify terms and provisions to conform to the addition of those properties;

• Provide availability to allow GPT to borrow under the restated facility; and

• Add Merrill Lynch, Pierce, Fenner & Smith as a joint lead arranger and Bank of America, NA and RBC Capital Markets as co-syndication agents.

All other terms of the credit agreement remain unchanged.

As previously reported, the $100 million senior secured revolving credit facility has a term of two years with one-year extension option and includes a $50 million accordion feature.

Interest is initially Libor plus 190 bps.

Gramercy is a real estate investment trust based in New York.

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