Lexington Realty Trust Announces $215.0 Million Secured Term Loan

Lexington Realty Trust LXP announced that it procured a $215.0 million term loan from Wells Fargo Bank, National Association, as agent. The term loan is secured by ownership interest pledges by certain subsidiaries that collectively own a borrowing base of properties. The term loan matures in January, 2019. Lexington expects to use the term loan to refinance certain indebtedness, the majority of which is maturing in 2012. Lexington made an initial draw of $50.0 million under the term loan, which, together with borrowings under the secured revolving credit facility discussed below, was used to repay the term loans in the original principal amounts of $25.0 million and $45.0 million, which were procured from KeyBank National Association in March, 2008. Subsequent draws under the term loan can be made until January 12, 2013. In connection with the procurement of the term loan, Lexington refinanced its $300.00 million secured revolving credit facility, which was scheduled to mature in January, 2014 (with a one-year extension option), with a new $300.0 million secured revolving credit facility with Key Bank National Association, as agent. The new secured revolving credit facility matures in January, 2015, but can be extended until January, 2016 at Lexington's option.