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DCT Industrial Trust Announces $300 Million Term Loan

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2008-06-10 03:21:15     
DCT Industrial Trust Inc.

DCT Industrial Trust Inc. (NYSE: DCT), a leading industrial real estate investment trust, today announced that it has closed a two-year $300 million senior unsecured term loan 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 million is intended to pay down the Company's credit facility and can be funded anytime up to December 31, 2008 at DCT Industrial's discretion.

The loan bears interest at LIBOR plus 150 basis points, based on the Company's current leverage. DCT Industrial has entered into a swap to fix the rate 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 banking relationships enabled us to access debt with very favorable terms in a challenging market," said Matt Murphy, DCT Industrial's Treasurer and Senior Vice President of Finance. "With this additional liquidity and our conservative leverage, we remain very well positioned to execute our business plan."

About DCT Industrial Trust

DCT Industrial Trust Inc. is a leading industrial real estate company that owns, operates and develops high-quality bulk distribution and light industrial properties in high-volume distribution markets in the U.S. and Mexico. As of March 31, 2008, the Company owned, managed or had under development 76.9 million square feet of assets leased to approximately 850 corporate customers, including 12.1 million square feet managed on behalf of three institutional joint venture partners. Additional information is available at http://www.dctindustrial.com.

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URL: http://www.dctindustrial.com
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