American Realty plans revolver drawdown to fund tender offer of stock

By Marisa Wong

Madison, Wis., March 1 - American Realty Capital Trust, Inc. said it plans to use borrowings under its recently amended revolving credit facility to help fund a modified Dutch auction tender offer for up to $220 million of its common stock.

The company also will use cash on hand.

The company had increased its revolver to $220 million from $115 million on Feb. 28.

The tender offer price will be the lowest price - between $10.50 and $11.00 per share - that allows the company to purchase the shares for a total amount not exceeding the offer cap of $220 million.

The tender offer will expire at 5 p.m. ET on March 28.

The real estate investment trust is based in Jenkintown, Pa.

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