Corporate Office to repay revolver, term loan borrowings via new notes

By Tali Rackner

Norfolk, Va., May 14 - Corporate Office Properties, LP plans to use the proceeds from a new senior note offering to repay borrowings under its unsecured revolving credit facility and repay $50 million under its existing term loan, according to a 424B5 filing with the Securities and Exchange Commission.

Proceeds will also be used to fund the expected redemption of its series H preferred shares and for general corporate purposes.

As of Monday, there was $95 million outstanding under the unsecured revolver and $250 million outstanding under the term loan.

Corporate Office is a Columbia, Md.-based specialty office real estate investment trust that focuses primarily on strategic customer relationships and specialized tenant requirements in the United States, government and defense information technology sectors.

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