Investors Real Estate to pay down credit facility with note proceeds

By Angela McDaniels

Tacoma, Wash., Sept. 16 – Investors Real Estate Trust plans to repay outstanding amounts on its credit facility, according to a company news release.

The company will use proceeds from $125 million of notes priced under a new $150 million note purchase and private shelf agreement with Prudential Global Investment Management.

Proceeds will also be used to repay and to retire mortgage debt.

The Minot, N.D.-based real estate investment trust acquires, develops, redevelops and manages multifamily communities.

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