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Silver Bay Realty draws $266.8 million of revolver for acquisition
By Angela McDaniels
Tacoma, Wash., April 1 – Silver Bay Realty Trust Corp. borrowed $266.8 million under its revolving credit facility on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.
Proceeds were used to fund the acquisition of a portfolio of properties from American Home Real Estate Investment Trust for $252.2 million and for other corporate purposes.
U.S. Bank NA is the calculation agent and paying agent. Bank of America, NA is joint lead arranger, lender and agent for the lenders. JPMorgan Chase Bank, NA is joint lead arranger and lender.
In addition, in connection with the acquisition, 2013-A Property Holdings LLC, 2013B Property Owner LLC, 2015B Property Owner LLC and SBY Finance TRS LLC, each indirect subsidiaries of the company, were added as borrowers under the credit agreement.
Silver Bay is a real estate investment trust based in Plymouth, Minn., that acquires single-family properties.
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