Government Properties Income Trust gets $350 million five-year loan

By Angela McDaniels

Tacoma, Wash., Jan. 12 - Government Properties Income Trust closed a new $350 million term loan due Jan. 11, 2017, according to a company news release.

The initial interest rate is Libor plus 175 basis points. The margin over Libor depends on the company's credit ratings.

The loan is prepayable without penalty at any time.

The company expects to use the proceeds to repay amounts outstanding under its $550 million revolving credit facility and to fund general business activities, including possible future acquisitions.

Wells Fargo Bank, NA and Citibank NA are the lead arrangers, with Wells Fargo as administrative agent and Citibank as syndication agent. Regions Bank, Royal Bank of Canada, U.S. Bank NA, BBVA Compass Bank and RBS Citizens, NA are the documentation agents.

Government Properties Income Trust is a real estate investment trust that owns properties leased primarily to the U.S. government and state governments. It is based in Newton, Mass.

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