PHOENIX-The operating partnership of Cole Credit Property Trust III Inc. has entered into a $700 million senior unsecured credit facility.

The facility, which replaces an existing $100 million revolving credit agreement, includes a $200 million term loan and a $500 million revolving line of credit. It may be increased up to a maximum of $950 million.

“In any business, it’s best to have diverse sources of financing and not put all of your financing needs in one basket,” says Mitchell Sabshon, executive vice president and chief operating officer of Cole. “We want to be flexible if one particular source of financing is more attractive than another. The credit facility gives us another tool in our shed.”