BOSTON, Oct. 24 /PRNewswire/ -- Cabot Industrial Trust (NYSE: CTR), a
national developer, owner and operator of industrial property, announced that
it has obtained a new $325 million unsecured revolving credit facility
replacing its previous $325 million credit facility that was to mature in
March 2001.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000218/CABOTLOGO )
The credit facility matures in October 2003 with a one-year extension
option and a $50 million expansion option. The facility also has a
competitive bid option. The rate on the borrowings, based on the Company's
current credit ratings, will be LIBOR plus 80 basis points plus a 20 basis
point annual facility fee.
J.P. Morgan Securities, Inc. and Chase Securities Inc. acted as Joint-Lead
Arrangers and Joint-Book Managers. Morgan Guaranty Trust Company of New York
is Administrative Agent. The Chase Manhattan Bank is Syndication Agent and
FleetBoston is the Documentation Agent. The named co-agents of the facility
are Commerzbank AG, First Union National Bank, Hypo Vereinsbank, and PNC Bank.
The facility was syndicated to a group of sixteen U.S. and international
banks.
Franz Colloredo-Mansfeld, Chief Financial Officer of Cabot Industrial
Trust commented, "We are pleased with the high level of interest shown by our
banking group. The syndication of our credit facility was over-subscribed.
Additionally, we expanded our bank group from eleven to sixteen banks. Our
early renewal provides us with comparable pricing and expanded capacity as
well as enhanced terms compared to our earlier facility."
The sixteen participants are Morgan Guaranty Trust., The Chase Manhattan
Bank, FleetBoston, Commerzbank, First Union National Bank, Hypo Vereinsbank,
PNC Bank, The Bank of New York, Bank One, Chevy Chase Bank, Citizens Bank,
Erste Bank, LaSalle National Bank, SouthTrust Bank, Summit Bank and Wells
Fargo Bank.
Cabot Industrial Trust is a fully integrated real estate company that
specializes in the ownership, acquisition and development of industrial
properties with 350 properties containing 42 million square feet in 22 states
at June 30, 2000. The Company also manages an additional 10 million square
feet of property for investment advisory accounts and for joint venture
accounts at June 30, 2000. Cabot Industrial Trust focuses on a broad spectrum
of industrial property types nationwide, including large bulk distribution
facilities, multitenant distribution facilities and workspace properties.
In addition to historical information, this press release contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on management's
current expectations about the industry and the markets in which the Company
operates. Such forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties or other
factors which may cause actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Actual
operating results may be affected by various factors including, without
limitation, changes in national and local economic conditions, competitive
market conditions, uncertainties and costs related to and the imposition of
conditions on receipt of governmental approvals and costs of material and
labor, all of which may cause such actual results to differ materially from
what is expressed or forecast in this press release.
To receive Cabot Industrial Trust's latest news release and other
corporate documents please send requests via e-mail at ir@cabottrust.com or
visit our web site at http://www.cabottrust.com.
SOURCE Cabot Industrial Trust
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Related links:
http://www.cabottrust.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20000218/CABOTLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 201-369-3467
CONTACT:
Franz Colloredo-Mansfeld, Chief Financial
Officer of Cabot Industrial Trust, 617-723-0900
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