American Realty Capital Trust gets $875 million credit facility

By Sara Rosenberg

New York, Feb. 15 - American Realty Capital Trust III Inc. entered into an agreement for a new $875 million credit facility, according to a news release.

Wells Fargo Bank is the administrative agent on the deal, RBS Citizens and Regions Bank are the syndication agents, and Capital One and JPMorgan Chase Bank are the documentation agents.

The facility consists of a $350 million revolver and a $525 million term loan, with pricing on the tranches ranging from Libor plus 160 basis points to 220 bps based on leverage.

There is a $125 million accordion feature.

The deal is being done in connection with the company's merger with American Realty Capital Properties Inc.

If at the completion of the merger, an investment-grade credit rating is obtained, pricing on the facility will range from Libor plus 115 bps to 200 bps.

American Realty Capital Trust is a New York-based real estate investment program. American Realty Capital Properties is a New York-based real estate investment trust focused on acquiring and owning single tenant freestanding commercial properties.

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