Griffin Capital lifts revolver to $200 million, adds bridge loans

By Marisa Wong

Madison, Wis., Oct. 4 - Griffin Capital Net Lease REIT, Inc. entered into a second amendment to its amended and restated credit agreement with KeyBank NA as administrative agent on Oct. 2.

According to an 8-K filing with the Securities and Exchange Commission, the second amendment increases commitments under the company's revolving credit facility to $200 million from $150 million.

In addition, bridge loans from KeyBank will be made available to wholly owned subsidiaries of the borrowers under the amended agreement, namely Griffin's operating partnership and certain of the operating partnership's subsidiaries.

The aggregate principal amount under any bridge loan may not exceed $25 million, and the bridge loans are to mature no later than May 18, 2014.

All other terms of the restated credit agreement remain unchanged.

The filing said that the two-year KeyBank facility, originally dated Nov. 18, 2011, currently has an available balance of about $54 million.

Griffin is a real estate investment trust based in El Segundo, Calif., with a focus on office and industrial properties.

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