Washington REIT to pay down credit debt with note offering proceeds

By Tali David

Minneapolis, Sept. 12 - Washington Real Estate Investment Trust plans to use the proceeds of its new note offering to repay borrowings outstanding under its lines of credit, according to a 424B5 filed with the Securities and Exchange Commission.

The company will use the remainder for general corporate purposes.

As of Sept. 11, borrowings under Washington's lines of credit totaled $228 million and bore interest at a weighted average rate of 1.433% per year. The lines of credit have maturity dates between June 2015 and July 2016, each of which may be extended for one year at the company's option, the filing said.

The real estate investment trust 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.