Gramercy splits $400 million revolver into U.S., multi-currency tranches

By Toni Weeks

San Luis Obispo, Calif., May 29 – Gramercy Property Trust Inc. operating partnership GPT Property Trust LP amended its revolving credit and term loan agreement on May 22 with JPMorgan Chase Bank, NA, according to an 8-K filing with the Securities and Exchange Commission.

The agreement was amended to make changes to the $400 million senior revolving credit facility, splitting it into a $350 million U.S. revolving loan tranche, from which loans are made in U.S. dollars, and a $50 million multi-currency loan tranche, from which revolving loans are made in euros, pounds sterling or other currencies. The $600 million senior unsecured credit facility also includes a $200 million senior term loan facility.

The agreement still includes an accordion facility that may push the maximum borrowing capacity to $1 billion.

J.P. Morgan Securities LLC and BofA Merrill Lynch are the joint bookrunners and joint arrangers. Bank of America, NA is the syndication agent.

The commercial real estate investment company and asset management business is based in New York.

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