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NEW YORK CITY-SL Green Realty Corp. has entered into a new $500-million unsecured credit facility to further its efforts to reduce borrowing costs, extend debt maturities and enhance financial flexibility. The credit facility can be expanded to $800 million.The three-year facility, which replaces the existing secured and unsecured revolving credit facilities, matures in September 2008. It has an option for a one-year extension thereafter. The interest rate, currently Libor plus 85 basis points, is subject to adjustment on a sliding scale based on the company's senior leverage ratio, according to a company statement. The upfront fees for this facility were 60% less than the previous facility and the borrowing spreads have been reduced by up to 25 basis points from their existing levels, the company adds. The lending group for the credit facility includes Wachovia Capital Markets and KeyBanc Capital Markets as co-lead arrangers. Co-documentation agents are Commerzbank New York and Grand Cayman Branches, EuroHypo AG, New York Branch and Wells Fargo, National Association and Bank of America, NA, Bank of New York, New York Private Bank & Trust, ING Real Estate Finance (USA), LLC, Sovereign Bank, PNC Bank, National Association, CitiCorp North America, Inc., Deutsche Bank Trust Co., Bank Leumi USA, Union Bank of California NA, AIB Debt Management Limited, Comerica Bank and Lehman Brothers Commercial Bank.