HRPT Properties Unit Secures $250M Credit Facility

NEWTON, Mass. (AP) — Office real estate investment trust HRPT Properties Trust said Tuesday that one of its subsidiaries secured a $250 million credit facility.

HRPT said it plans to use proceeds to reduce outstanding debt under its revolving credit facility.

The maturity date of this new facility is April 24, 2012, with an option to extend the facility for one year.

Banc of America Securities LLC and Wells Fargo Bank NA acted as joint lead arrangers for the facility.

The facility is with a group of commercial banks including Bank of America, Wells Fargo Bank, Morgan Stanley Bank, Royal Bank of Canada, US Bank National, Citicorp North America and UBS Loan Finance, HRPT said.

Shares of HRPT rose 28 cents, or 7 percent, to $4.34.