Post Properties Closes on New $350M Credit Line

ATLANTA-Post Properties Inc.’s strategy of exiting soft markets and concentrating on core metropolitan development locations has won the support of a nine-bank consortium that is providing the locally based REIT with a new three-year line credit totaling $350 million, or $30 million more than its maturing facility.

Wachovia Capital Markets LLC was the lead arranger. Participating banks were Wachovia Bank NA, as administrative agent; Bank One NA as syndication agent; Wells Fargo Bank and SunTrust Bank, as co-documentation agents; PNC Bank NA, AmSouth Bank, Southtrust Bank, JP Morgan Chase Bank and First Commercial.

On the credit line, Post will be paying an interest rate of 90 basis points over the London Inerbank Offered Rate (Libor). The new facility matures in January 2004 and replaces the existing facility which matures in April 2004.