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JLL Income Property expands credit facility to $150M

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JLL Income Property expands credit facility to $150M

Jones LangLaSalle Income Property Trust Inc. boosted the borrowing capacityof its revolving line of credit to $150 million, which President and CEO Allan Swaringensaid in a release will give the company greater flexibility and increasedcapacity to pursue its strategic objectives.

The one-year term facility has a six-month extension optionand carries an interest rate equal to the LIBOR plus a spread of 1.55% to 2.25%.The company will use the expanded credit facility to accelerate acquisitions, toprovide working capital and for other general corporate purposes.

Bank of America NA is the lender and administrative agentfor the facility, with Merrill Lynch Pierce Fenner & Smith Inc. serving aslead arranger.