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First Potomac Realty begins prepayment of 6.41% notes, 6.55% notes
By Jennifer Chiou
New York, May 10 - First Potomac Realty Investment Limited Partnership announced the start of its process of prepaying in full its $37.5 million of 6.41% series A senior notes and $37.5 million of 6.55% series B senior notes at par plus accrued interest and a $10.5 million make-whole payment.
According to a news release, the operating partnership of First Potomac Realty Trust will draw on its unsecured revolving credit facility to finance the prepayment, and the make-whole payment will be recorded as a loss on early debt extinguishment in second quarter of 2012.
The company also announced that it is delaying the filing of its quarterly report on Form 10-Q for the three months ended March 31 as well as its financial results for the same period.
Further, First Potomac will not host its conference call that was previously scheduled for May 11.
As part of the company's efforts to remediate the material weakness disclosed in its 10-K for the year ended Dec. 31, it conducted a review of all of the financial and other non-financial covenants contained in its bank debt and senior notes agreements, the release said.
As previously announced, an internal investigation of the facts and circumstances relating to management's determination of a material weakness in internal control over financial reporting and the company's processes surrounding the monitoring and oversight of compliance with financial covenants is ongoing.
First Potomac is a Bethesda, Md.-based real estate investment trust that focuses on industrial properties and business parks in the Washington, D.C., metropolitan area.
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