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QTS Realty partnership gets $300 million of term loans, new revolver
By Angela McDaniels
Tacoma, Wash., Nov. 2 – QTS Realty Trust, Inc.’s operating partnership, QualityTech, LP, entered into an amended and restated credit agreement on Friday that provides for a $150 million term loan A due Dec. 17, 2020, a $150 million term loan B due April 27, 2021 and a $600 million revolving credit facility due Dec. 17, 2019, according to an 8-K filing with the Securities and Exchange Commission.
KeyBank NA is the agent. The co-syndication agents are Bank of America, NA, Citizens Bank, NA, Deutsche Bank Securities Inc., Regions Bank, SunTrust Bank and Toronto Dominion (Texas) LLC. The joint lead arrangers and joint bookrunners are KeyBanc Capital Markets, Inc., Bank of America Merrill Lynch and Regions Capital Markets.
The borrower has the option to extend the revolver to Dec. 17, 2020.
The credit facility may be increased to up to $1.1 billion.
At closing, the term loans were fully funded and $206 million was outstanding under the revolver.
The availability under the revolver is the lesser of (i) $600 million, (ii) 60% of the unencumbered asset pool capitalized value and (iii) the amount resulting in an unencumbered asset pool debt yield of 14%.
The interest rate is Libor plus a spread that ranges from 155 basis points to 215 bps for the revolver and from 150 bps to 210 bps for the term loans.
As of closing, the weighted average interest rate for amounts outstanding was 1.75% for the revolver and 1.69% for term loans.
The company also terminated its Dec. 21, 2012 credit agreement with Regions Bank as agent. All amounts outstanding under the credit agreement were repaid in full with the proceeds from the amended and restated credit agreement.
QTS is a provider of data center solutions and fully managed services for enterprise businesses and is based in Overland Park, Kan.
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