Easterly Government to pay down revolver with proceeds of notes

By Wendy Van Sickle

Columbus, Ohio, July 31 – Easterly Government Properties, Inc. plans to repay borrowings outstanding under its senior unsecured revolving credit facility with some proceeds of $275 million of fixed-rate senior notes, according to an 8-K filing with the Securities and Exchange Commission.

The company announced on Wednesday the planned private placement of the notes in three tranches, including an $85 million tranche of 3.73% notes due Sept. 12, 2029; a $100 million tranche of 3.83% notes due Sept. 12, 2031; and a $90 million tranche of 3.98% notes due Sept. 12, 2034.

Proceeds will also be used to fund acquisition opportunities and for general corporate purposes.

Based in Washington, D.C., Easterly focuses primarily on the acquisition, development and management of class A commercial properties that are leased to the U.S. government.

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