Paramount Group refinances with $750 million revolver due 2026

By Wendy Van Sickle

Columbus, Ohio, Dec. 21 – Paramount Group, Inc. operating partnership Paramount Group Operating Partnership LP refinanced its existing senior unsecured revolving credit facility with a new $750 million senior unsecured revolver that matures in March 2026 with two six-month extension options, according to an 8-K filing with the Securities and Exchange Commission.

The interest rate on the new credit facility is 115 basis points over SOFR with adjustments based on the term of advances, plus a facility fee of 20 bps.

Additionally, if the company meets certain sustainability performance targets, the applicable per annum interest rate will be reduced by 1 bp.

BofA Securities, Inc., Wells Fargo Securities, LLC, JPMorgan Chase Bank, NA and U.S. Bank NA are the bookrunners and are joint lead arrangers along with Citizens Bank, NA and Capital One, NA. Bank of America, NA is administrative agent.

Proceeds may be used for general corporate purposes.

Paramount is a New York-based real estate investment trust that owns, operates, manages, acquires and redevelops office properties.

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