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Government Properties locks up $500 million of term loan commitments
By Susanna Moon
Chicago, July 14 – Government Properties Income Trust closed $500 million of commitments under a term loan on Wednesday with Wells Fargo Bank, NA as lender and administrative agent and Citibank, NA as lender, according to an 8-K filing with the Securities and Exchange Commission.
The new term loan matures on July 8, 2015 and is prepayable in part or whole at any time without penalty.
Proceeds were used to help fund the purchase price of the Select Income REIT shares purchased from CommonWealth REIT.
Interest on the loans will be Libor plus 175 basis points, based on the company’s debt ratings. The spread ranges from Libor plus 115 bps to Libor plus 215 bps based on the company’s credit ratings.
Wells Fargo Bank, NA is the administrative agent. Citigroup Global Markets, Inc. is the syndication agent. Wells Fargo Securities, LLC and Citigroup Global Markets, Inc. are the joint lead arrangers and lead bookrunners.
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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