Office Properties gets $425 million credit facilities in two tranches

By Wendy Van Sickle

Columbus, Ohio, Jan. 29 – Office Properties Income Trust entered into a second amended and restated secured credit agreement that governs its new $325 million secured revolving credit facility and $100 million secured term loan, according to a news release.

The maturity date of the facilities is Jan. 29, 2027.

Office Properties has a one-year extension option for the revolver.

Interest paid on the facilities is at a rate of SOFR plus a margin of 350 basis points. the facilities are secured by 19 office properties with a gross carrying value of $942 million. The facilities replace Office Properties’ previous $750 million unsecured revolver that was scheduled to mature on Jan. 31. Office Properties currently has $232 million outstanding on the facilities and $193 million available for borrowing.

Wells Fargo Securities, LLC, BofA Securities, Inc. and Citibank, NA are the joint lead arrangers and joint lead bookrunners for the facilities. Wells Fargo Bank, NA is the administrative agent. Bank of America, NA and Citibank, NA are the syndication agents. PNC Bank, NA, Regions Bank, Mizuho Bank, Ltd., U.S. Bank, NA, Sumitomo Mitsui Banking Corp. and Royal Bank of Canada are the documentation agents.

The real estate investment trust is based in Newton, Mass.

© 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.