Washington REIT extends facility, expands size to $100 million

By Susanna Moon

Chicago, June 25 - Washington Real Estate Investment Trust said it increased the size of its credit facility to $100 million from $75 million and extended the maturity by three years.

Interest on the loans is Libor plus 107.5 basis points based on the company's credit rating.

There is an accordion feature that allows the company to boost the facility to $200 million with additional lender commitment.

The amended facility is one of the company's two unsecured credit facilities. SunTrust Robinson Humphrey, Inc. is the lead arranger and bookrunner, and SunTrust Bank is the administrative agent and lender, according to a press release.

The facility is due June 25, 2015 and has a one-year extension option, and it was amended to eliminate the requirement for guarantees from the company's subsidiaries under some circumstances.

The amended terms bolster the company's "already strong liquidity position," William T. Camp, the company's executive vice president and chief financial officer, said in the release.

"Combining our two lines of credit, WRIT now has a total capacity of $500 million. When considering the current balance on the lines, we still have enough capacity to refinance all of our outstanding maturities through 2014."

Washington is a REIT that invests in the greater Washington, D.C., metro region and is based in Rockville, Md.

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