News
Cole Closes $135 Million Revolving Line of Credit
PHOENIX-(Business Wire)-June 18, 2008 - Cole Companies (Cole) announced today that Cole Operating Partnership II, LP (Cole OP II), the operating partnership of Cole Credit Property Trust II, Inc. (CCPT II), recently entered into a $135 million revolving credit facility. The facility, which can be increased to $235 million, is secured by an assignment of 100% of Cole OP II's equity interests in the assets of certain of its subsidiary limited liability companies in a designated collateral pool. The facility has a three-year term and a one-year extension option subject to certain conditions and fees.
"This Credit Facility will help to facilitate ongoing acquisitions and provide working capital for CCPT II's real estate portfolio. This Credit Facility also marks another significant milestone for Cole, especially in a challenging debt environment," said Dan Weber, executive vice-president and chief investment officer.
Banc of America Securities was the sole lead arranger on the transaction while JP Morgan Chase Bank, N.A. served as syndication agent. Bank of America, N.A. will serve as administrative agent for the facility. U.S. Bank, N.A., RBS Citizens, N.A. d/b/a Charter One, and Comerica Bank are also participating in the facility.
"We appreciate the support of the entire bank group and look forward to expanding the relationship with each of them," said Weber.
About Cole Companies
Cole Companies is a family of real estate companies that sponsor investment programs such as CCPT II. CCPT II is a commercial real estate company that invests primarily in high-quality, freestanding, single-tenant and multi-tenant properties net leased to investment grade and other creditworthy tenants throughout the United States and the US Virgin Islands. Cole Companies also considers other investments where it believes there are compelling yield and risk/return characteristics. Since 1979, Cole and its related entities have formed and managed over 100 investment programs, owning real estate with a combined acquisition and development cost in excess of $3.2 billion.
This release contains forward-looking statements relating to the business and financial outlook of CCPT II that are based on its management's current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Such factors include those described in the Risk Factors section of the offering documents for the offering of shares of CCPT II. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
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