DENVER, June 9 /PRNewswire-FirstCall/ -- DCT Industrial Trust Inc.(NYSE: DCT), a leading industrial real estate investment trust, todayannounced that it has closed a two-year $300 million senior unsecured termloan with a syndicate of 10 banks, led by Bank of America and Wells Fargo.
The loan, which can be extended for one year at DCT Industrial's option,will be funded in two tranches. The first $100 million was drawn on June 9,2008 and used to repay maturing unsecured notes. The remaining $200 millionis intended to pay down the Company's credit facility and can be fundedanytime up to December 31, 2008 at DCT Industrial's discretion.
The loan bears interest at LIBOR plus 150 basis points, based on theCompany's current leverage. DCT Industrial has entered into a swap to fix therate on the initial funding for two years at an all-in rate of 4.73%.
'The strength of our balance sheet coupled with our excellent bankingrelationships enabled us to access debt with very favorable terms in achallenging market,' said Matt Murphy, DCT Industrial's Treasurer and SeniorVice President of Finance. 'With this additional liquidity and ourconservative leverage, we remain very well positioned to execute our businessplan.'
About DCT Industrial Trust
DCT Industrial Trust Inc. is a leading industrial real estate company thatowns, operates and develops high-quality bulk distribution and lightindustrial properties in high-volume distribution markets in the U.S. andMexico. As of March 31, 2008, the Company owned, managed or had underdevelopment 76.9 million square feet of assets leased to approximately 850corporate customers, including 12.1 million square feet managed on behalf ofthree institutional joint venture partners. Additional information isavailable at http://www.dctindustrial.com.
SOURCE DCT Industrial Trust Inc.
