Gramercy Property amends revolver to lift capacity to $400 million

By Jennifer Chiou

New York, Jan. 27 – Gramercy Property Trust Inc. operating subsidiary GPT Property Trust LP entered into an amendment to its credit agreement with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment increases the borrowing capacity under the revolving credit facility to $400 million from $200 million. Along with the $200 million senior term loan facility, the total borrowing capacity under the credit facilities is $600 million.

Following an amendment of the accordion, the company may exercise the accordion feature to bring potential total borrowing capacity to $1 billion.

J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. are the joint bookrunners and joint arrangers with Bank of America, NA as syndication agent.

New York-based Gramercy Property Trust is a commercial real estate investment company and asset management business.

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