NEW YORK, March 22 /PRNewswire-FirstCall/ -- Capital Trust, Inc. announced today that it has closed a $50 million senior unsecured revolving credit facility with WestLB AG. The facility has a maximum term of four years (including extension options). The facility will bear interest at LIBOR + 1.50% and the Company expects to use facility borrowings for general corporate purposes and working capital needs, including providing additional flexibility for funding loan originations.
"This unsecured facility represents an important step in the continuing optimization of our capital structure," said John R. Klopp, Chief Executive Officer of Capital Trust. "A revolving, unsecured credit line provides us with added flexibility to efficiently run our business."
"WestLB is pleased to provide Capital Trust with this facility on terms which we feel reflect their standing in the market, and we look forward to working with Cap Trust going forward," said Dee Dee Sklar, Managing Director and Head of Financial Institutions at WestLB AG.
About Capital Trust
Capital Trust, Inc. is a finance and investment management company that specializes in credit-sensitive structured financial products. To date, the Company's investment activities have focused primarily on the real estate subordinate debt markets. Capital Trust executes its business both as a balance sheet investor and as an investment manager. Capital Trust is a real estate investment trust traded on the New York Stock Exchange under the symbol "CT." The Company is headquartered in New York City.
About WestLB
WestLB AG is one of Germany's leading financial services providers with offices in the world's largest financial centers. The firm provides financial advisory, lending, structured finance, project finance, capital markets and private equity products, asset management, transaction services and real estate finance to institutions. WestLB has total assets of more than euro 292 billion, as of September 30, 2006. For more information, please visit http://www.westlb.com/
In the United States, certain securities, trading, brokerage and advisory services are provided by WestLB's wholly owned subsidiary WestLB Securities Inc., a registered broker-dealer and member of the NASD and SIPC.
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