Gramercy Property exercises $200 million portion of accordion feature

By Wendy Van Sickle

Columbus, Ohio, July 22 – Gramercy Property Trust Inc. operating partnership GPT Property Trust LP exercised $200 million of the accordion feature under its credit agreement dated June 9, 2014, according to an 8-K filed with the Securities and Exchange Commission.

The July 17 amendment increased borrowings outstanding under the term loan portion of the agreement to $300 million from $200 million.

Additionally, borrowing capacity under the U.S.-dollar tranche of the agreement’s revolving credit facility was raised to $450 million from $350 million. The revolver also has $50 million a multicurrency tranche, which was not amended.

There remains $200 million under the accordion feature; if exercised in full, total borrowing capacity under the facilities would be $1 billion.

J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated are the joint bookrunners and joint arrangers. JPMorgan Chase Bank, NA is the administrative agent and Bank of America, NA the syndication agent.

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

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