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RMR Real Estate Income Fund Increases Revolving Credit Facility To $60M

May 28, 2013 | Reprints | Unlock Link | Print

Newton-based RMR Real Estate Income Fund has increased its revolving credit facility with BNP Paribas Prime Brokerage Inc. by $10 million to $60 million.

The credit facility bears interest at LIBOR plus 95 basis points, and it has a 270 day rolling term that resets daily.

The credit facility requires RIF, a closed-end investment company advised by RMR Advisors Inc., to pledge portfolio securities as collateral with an aggregate value of up to 250 percent of the loan balance outstanding. It also permits BNP to lend portfolio securities pledged by RIF with an aggregate value up to the loan balance outstanding, and RIF will receive a portion of the revenue earned by BNP in connection with RIF’s lending of its portfolio securities.

RIF expects to use the credit facility to fund additional investments and for additional financial flexibility in managing its investment portfolio.

Commercial & Industrial