NEW YORK, NY – March 29, 2001 – W. P. Carey & Co. LLC (NYSE:WPC), a market leader in the ownership and net-leasing of corporate properties, today announced that it has closed on a $185 million unsecured revolving credit facility. The LIBOR-based facility is syndicated to a group of nine financial institutions. JPMorganChase & Co. led the facility, with the Bank of New York acting as syndication agent, PNC Bank as documentation agent and Wells Fargo as managing agent.
The facility has replaced a $185 million credit facility that matured on March 26th. In addition to the $185 million available to W. P. Carey, the credit facility includes an accordion feature whereby the Company may elect to expand the facility by an additional $40 million. The credit facility will be used primarily to retire debt and to fund redevelopment projects as well as other portfolio-level activity in the interest of maximizing shareholder value.
Commenting on the credit facility, Wm. Polk Carey, Chairman of W. P. Carey, stated, "We are pleased that the company has successfully renewed its credit facility in the amount desired with even more attractive terms. This is particularly noteworthy given recent volatility in the capital markets and concerns about the economy in general. The fact that the facility was oversubscribed by approximately $50 million underscores the confidence of the banks in our syndicate in the financial strength of W. P. Carey and in the company's ability to meet its objectives."
Founded in 1973, W. P. Carey & Co. specializes in corporate real estate financing using the corporate net lease, or sale-leaseback structure. The firm and its affiliates is one of the largest lessors of net leased corporate real estate in the nation. W. P. Carey & Co. LLC (NYSE: WPC), the largest publicly traded Limited Liability Company in the world, owns and manages over 44 million square feet of property in the USA and Europe. Additional information about W. P. Carey can be found on the company's Web site: www.wpcarey.com
This press release contains forward-looking statements within the meaning of the Federal securities laws. A number of factors could cause the company's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact the company, reference is made to the company's filings with the Securities and Exchange Commission.