Attached files
| file | filename |
|---|---|
| 8-K - CapLease, Inc. | v190904_8k.htm |
| EX-10.1 - CapLease, Inc. | v190904_ex10-1.htm |
Investor
Relations Contact:
ICR,
Inc.
Brad
Cohen
bcohen@icrinc.com
212-217-6393
CAPLEASE
ANNOUNCES THREE YEAR EXTENSION OF CREDIT
AGREEMENT
WITH WELLS FARGO BANK, N.A.
NEW
YORK—(BUSINESS WIRE)—July 19, 2010—CapLease, Inc. (NYSE: LSE) announced today that it
has entered into an amendment to its secured revolving credit agreement with
Wells Fargo Bank, N.A. Highlights of the revised credit agreement
include:
|
|
·
|
A
three year term until July 16,
2013.
|
|
|
·
|
An
interest rate of LIBOR plus 275 basis
points.
|
|
|
·
|
The
revolving nature of the facility allows CapLease to repay borrowings
without any prepayment premium or defeasance cost and then re-borrow
against the collateral from time to
time.
|
|
|
·
|
$140
million facility provides ample capacity of over $40 million to finance
new investment opportunities.
|
“We have
a longstanding strong relationship with our lender and are very pleased to have
completed the amendment to our credit agreement, as it provides us with an
additional three years of term at an attractive cost. In connection
with the amendment and our continued deleveraging strategy, we lowered our
borrowings under the facility by an additional $13.4 million, to $96.4 million,
using cash on hand to further reduce recourse liabilities,” said Paul McDowell,
Chairman and Chief Executive Officer of CapLease. “In addition to our
over $55 million of cash on hand, this facility increases our financial
flexibility and capacity to fund future portfolio investments as we restart our
efforts to grow the portfolio.”
About
the Company:
CapLease,
Inc. is a real estate investment trust, or REIT, that invests primarily in
single tenant commercial real estate assets subject to long-term leases to high
credit quality tenants.