Inland Real Estate Corp. (IRC) announced that it has entered into a $140.0 million two-year unsecured term loan agreement with a lending group comprised of KeyBank, Bank of America, Wachovia, Wells Fargo and Charter One Bank. The company stated that the borrowings under the term loan would bear interest at a variable rate equal to 200 basis points over the 30-day LIBOR rate in effect at the time of borrowing. The term loan has a scheduled maturity date of September 2, 2010. Inland Real Estate said it used net proceeds of borrowings under the term loan to retire its remaining 2008 secured maturities and to reduce the outstanding balance on its existing unsecured line of credit.
Mark Zalatoris, Inland Real Estate's president and chief executive officer, commented, "The $140.0 million unsecured term loan, as well as the $155.0 million line of credit that we secured in April, have enabled the Company to maintain a strong financial position. These financings should also provide enhanced flexibility to capitalize on new opportunities that may arise as a result of current marketplace conditions."
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