Wells Fargo Provides New $100MM Revolver to CapLease
CapLease announced it has entered into a new $100 million revolving credit agreement with Wells Fargo Bank. The new three-year facility includes an initial collateral pool of 16 otherwise unencumbered real properties, including the 11 Kroger grocery stores.
CapLease said it drew $53.1 million of borrowings upon closing of the facility primarily to repay borrowings on certain of the assets in the initial collateral pool. In connection with the closing of the new facility, CapLease also reduced the size of its existing facility with Wells Fargo, which is now secured entirely by amortizing mortgage assets to $12 million.
Paul McDowell, chairman and chief executive officer, stated,