UBS and Bank of America are launched a $500 million senior bank loan credit facility for real estate finance company CharterMac last Thursday. The new facility, consisting of a three-year, $150 million revolver and a six-year, $350 million term loan, will be used to finance the acquisition of ARCap Investors, a private real estate finance company specializing in high yield commercial mortgage-backed securities. Moody's Investors Service and Standard & Poor's have assigned Ba3 and BB ratings to the facility, respectively.

In addition to supporting the acquisition, proceeds from the credit will go toward paying transaction costs, retiring existing debt and for general corporate purposes, according to Alan Hirmes, CFO of CharterMac, in a release.

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