TORONTO , March 11, 2013 /CNW/ - KEYreit (KRE-UN.TO) ("KEYreit" or the "REIT") announced today that it has entered into a commitment letter for a $15,000,000 revolving credit facility (the "Facility") with a Canadian Chartered Bank. The Facility will be secured by 23 of the REIT's properties and is renewable annually at the lender's discretion. The Facility is expected to close early in the second quarter of 2013 and is subject to customary closing conditions and documentation requirements for facilities of this type. The Facility will provide the REIT with attractive financing and greater financial flexibility to execute on its business plan and growth strategy going forward.
"Securing the operating line was a significant objective for KEYreit to execute its planned aggressive growth in 2013 and into the future," said Teresa Neto , Chief Financial Officer of KEYreit. "The recent de-levering of our balance sheet has allowed the REIT to secure such cost effective and flexible financing."
KEYreit (KRE-UN.TO) is Canada's premier small-box retail property owner with 226 properties in nine provinces across Canada . KEYreit's properties are well located and geographically diverse across Canada with the majority of all properties containing long-term quadruple net leases.
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