Union Bank of Switzerland has closed a new $175 million unsecured line of credit to U.S. Restaurant Properties Inc., a Dallas-based real estate investment trust.
The facility, which will be used for acquisitions, replaces a $110 million secured line of credit. Comerica led the original facility, but the company switched to UBS to "expand the size of the facility" and "lower borrowing rates," said Michael Warren, director of finance at U.S. Restaurant Properties. The unsecured status improves the company's access to credit markets and reduces its cost of capital.