Gramercy Property Trust to pay down revolver using stock proceeds

By Marisa Wong

Madison, Wis., April 8 – Gramercy Property Trust Inc. intends to repay outstanding borrowings under its revolving credit facility using proceeds form an offering of common stock, according to a 424B5 filing with the Securities and Exchange Commission.

As of April 8, the company has $235 million of borrowings outstanding under the revolver, which bears interest at Libor plus an applicable margin ranging from 135 basis points to 205 bps, depending on the company’s total leverage ratio.

The credit facility is generally used to fund real estate acquisitions.

Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and J.P. Morgan Securities LLC are lenders and/or agents under the credit facility.

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

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