SAN FRANCISCO - J.P. Morgan & Co. and Bank of Boston Corp. are leaders of a $200 million unsecured revolving credit facility for TriNet Corporate Realty Trust Inc..

TriNet said J.P. Morgan is lead agent and Bank of Boston's main unit, First National Bank of Boston, is managing co-agent of the loan, which will enable the real estate investment trust to refinance a secured credit line, retire a $50 million real estate mortgage investment conduit term loan, and make additional acquisitions.

The bank group also includes Dresdner Bank AG and Bank of Montreal, as co-agents; and Commerzbank AG, NBD Bank, Society National Bank, PNC Bank, Signet Bank, Banque National de Paris, and the Industrial Bank of Japan Ltd.

The term of the revolver will be two years with a one-year extension option, and the initial rate on the facility will be 175 basis points over the London interbank offered rate.

The rate can be reduced by up to 25 basis points if TriNet receives an investment grade senior unsecured debt rating. Under certain circumstances, TriNet may be required to pledge certain properties as security for borrowings under the new revolver.

"The new facility will lower TriNet's all-in financing costs, as the overall fee structure is significantly lower than that of the terminated secured credit facility," said Mark Whiting, the REIT's president. "In addition, this unsecured revolver provides TriNet with a much higher percentage of unencumbered assets, which gives us considerably more operational and financial flexibility."

TriNet specializes in the acquisition and management of corporate net leased real estate, including strategically important distribution and headquarters properties.

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