Capital Automotive REIT (CARS). Message Board

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Strategies & Market Trends : Capital Automotive REIT (CARS).

CARS 10.74

+1.2%

Oct 31 9:30 AM EDT

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To: Paul Lee who wrote ()	4/11/2000 8:51:00 AM
From: Paul Lee	of 46

Capital Automotive Receives $100 Million Revolving Credit Facility From General Motors Acceptance Corporation MCLEAN, Va., April 11 /PRNewswire/ -- Capital Automotive REIT (Nasdaq: CARS) announced today that the Company has received a commitment for a $100 million revolving Credit Facility from General Motors Acceptance Corporation ("GMAC"). Proceeds will be used to fund future acquisitions. The GMAC commitment will bear interest at 225 basis points over LIBOR. The term of the financing is one year and is renewable annually. Thomas D. Eckert, president and chief executive officer, stated, "Capital Automotive continues to demonstrate its leadership as a specialty finance company for automotive retail real estate. The GMAC commitment represents a continuation of our effort to diversify financing sources while complementing our existing relationships. Our total short-term funding capacity will be $150 million upon closing of this commitment. The terms of this facility will shorten the time period between contracting and closing on a property as well as reducing costs associated with financing. The GMAC commitment reflects confidence in our business model and stringent underwriting standards and enables us to continue to complete high-quality, accretive acquisitions."

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