Washington REIT to repay revolver debt with proceeds of common shares

By Wendy Van Sickle

Columbus, Ohio, April 28 – Washington Real Estate Investment Trust plans to repay borrowings outstanding under its revolving credit facility with some proceeds of an offering of 4,625,000 common shares, according to a press release.

As of April 27, Washington had $215 million outstanding under its $600 million revolver. The borrowings bore interest at a weighted average rate of 1.436%, according to a 424B5 filing with the Securities and Exchange Commission.

The revolver matures June 22, 2019.

The company also plans to use some proceeds of the offering to fund an acquisition and for other general corporate purposes.

Washington REIT priced the stock sale late Thursday, upsizing it to 4,625,000 shares from the original size of 4 million and selling the securities at $28.20 each for gross proceeds of $130.4 million.

The real estate investment trust invests in the greater Washington, D.C., metro region and is based in Rockville, Md.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.