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Automotive Properties replaces, extends credit facility

Automotive Properties REIT traded its current C$14.6 million revolving credit facility due October 2019 for a new C$34 million credit facility due December 2022.

The new credit facility is made up of a C$20 million nonrevolving loan and a C$14 million revolving credit facility, which both bear interest at the Bankers Acceptance rate plus 150 basis points or the Canadian prime rate plus 50 basis points, similar to the terms of its former credit facility.