Lexington Corporate Properties increases revolver to $100 million

By Sara Rosenberg

New York, Sept. 2 - Lexington Corporate Properties Trust increased its unsecured revolver to $100 million from $60 million.

The new facility carries an interest rate of Libor plus 150 to 250 basis points, depending on the number of properties Lexington owns free and clear of mortgage debt.

No amounts are currently outstanding under the revolver, which matures in August 2006, and contains a one-year extension option.

"Over the last 27 months we have raised approximately $300 million in equity capital. This balance sheet strength has enabled us to increase the borrowing capacity on our credit facility without any material changes to our financial covenants or increase in our borrowing spread. This line provides Lexington with added financial flexibility and very attractive short-term borrowing costs," said Patrick Carroll, chief financial officer, in a news release.

Lexington is a New York real estate investment trust that owns and manages office, industrial and retail properties net leased to major corporations.

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