American Realty gets $200 million interim loan, plans new term loan

By Sara Rosenberg

New York, March 30 - American Realty Capital Trust Inc. has received a commitment for a new $200 million senior secured six-month interim term loan and plans to enter into a new senior secured five-year term loan, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Wells Fargo Bank is the lead on the new financing.

Pricing on the interim loan is expected to be Libor plus 195 basis points.

The five-year term loan is anticipated to bear interest at a fixed-rate based on the then-current five-year Treasury swap rate plus 195 bps, after giving effect to expected swap arrangements.

Proceeds will be used to prepay about $161.3 million of outstanding fixed-rate mortgage debt.

Also, the company revealed that on March 29 it drew $218.9 million under its existing revolving credit facility.

American Realty is a New York-based real estate company that owns and acquires single tenant free standing commercial real estate properties.

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