ESCONDIDO, Calif. - A group led by Bank of New York Co. has increased the size of an unsecured credit line to Realty Income Corp. here to $130 million from $100 million, and reduced the initial interest rate by 12.5 basis points, the company said.
In addition to lowering the cost to the London Interbank offered rate plus 1.25% from Libor + 1.375%, the banks extended the line for an additional year, to Nov. 29, 1998.
The modifications to the facility took effect Monday, making the entire $130 million available for the acquisition of additional net leased retail properties.
Bank of New York acted as lead agent. Participants in the group are Bank Hapaolim; Dresdner Bank, Los Angeles agency; First Interstate Bank; Sanwa Bank California; and Signet Bank Virginia.