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CoreSite restates term loan to lift commitment, extend maturity
By Marisa Wong
Morgantown, W.Va., April 20 – CoreSite Realty Corp.’s operating partnership, CoreSite, LP, amended and restated its unsecured term loan agreement dated Jan. 31, 2014 with Royal Bank of Canada as administrative agent on April 19 to increase the commitment to $200 million from $100 million, according to an 8-K filing with the Securities and Exchange Commission.
The company also extended the maturity of the facility to April 19, 2022 from Jan. 31, 2019.
In addition, the amendment explicitly permits the issuance of notes under a specified private placement. On Thursday, the company issued $175 million of 3.91% senior notes due April 20, 2024.
The restated term loan bears interest at Libor plus 150 basis points to 210 bps, depending on the operating partnership’s leverage ratio.
All other terms of the loan agreement remain materially unchanged.
The commitment was borrowed in full at closing, and the proceeds will be used to pay down the revolving portion of the outstanding balance on the company’s existing credit facility and for general corporate purposes.
RBC Capital Markets LLC, Regions Capital Markets, TD Securities (USA) LLC and Wells Fargo Securities, LLC acted as joint lead arrangers and joint book managers with Royal Bank of Canada as administrative agent.
On Wednesday CoreSite also amended its third amended and restated unsecured credit agreement with KeyBank NA as administrative agent. The company made changes to the KeyBank facility to conform its provisions to those of the restated RBC facility.
CoreSite is a Denver-based provider of data center products and interconnection services.
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