Government Properties Income Trust amends $750 million loan

Chicago, Dec. 13 – Government Properties Income Trust has amended and restated the credit agreement for its existing $750 million unsecured revolving credit facility, according to a company news release.

The maturity date has been extended to Jan. 31, 2023 from Jan. 31, 2019 and includes a borrower’s option to extend the facility for two additional six-month periods in exchange for a fee and provided certain conditions are met.

Interest on drawings under the amended facility has been reduced to Libor plus 110 basis points from a previous rate of Libor plus 125 bps, subject to adjustments based on changes to the company’s credit ratings.

Additionally, revolver commitments and borrowings in conjunction with outstanding principal associated with term loans may now be increased up to $2.5 billion under certain circumstances.

The amended revolver will remain in place following the company’s pending merger with Select Income REIT.

Wells Fargo Securities, LLC, Bank of America Merrill Lynch and Citigroup Global Markets Inc. acted as joint lead arrangers for the amended credit facility.

Wells Fargo Bank acted as the administrative agent.

Bank of America, NA and Citibank acted as co-syndication agents.

Mizuho Bank, Ltd., PNC Bank, NA, Royal Bank of Canada, Regions Bank, Sumitomo Mitsui Banking Corp. and U.S. Bank, NA acted as co-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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