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Chambers Street closes $700 million revolver at Libor plus 160 bps
By Susanna Moon
Chicago, Sept. 19 - Chambers Street Properties obtained a $700 million four-year unsecured revolving credit facility at Libor plus 160 basis points.
The spread is Libor plus 160 bps to 235 bps, based on leverage. The facility fee ranges from 15.5 bps to 40 bps.
The company and CSP Operating Partnership, LP entered into the credit agreement on Sept. 13 with Wells Fargo Bank, NA as administrative agent, and Wells Fargo Securities, LLC and RBC Capital Markets as lead arrangers and bookrunners, according to an 8-K filing with the Securities and Exchange Commission.
Royal Bank of Canada is syndication agent. Bank of Montreal, Barclays Bank plc, JPMorgan Chase Bank, NA, Regions Bank and TD Bank, NA are the documentation agents.
The facility replaces the company's $125 million secured revolving credit facility.
The company paid the $25 million outstanding balance of the previous facility with cash on hand, and the facility was undrawn at closing.
The maturity may be extended for one year, and the facility has no minimum outstanding balance requirements.
The company may request an increase in the facility by up to an additional $700 million, to a total size of $1.4 billion.
There is a $25 million swingline sub-facility and a $25 million letter of credit sub-facility.
Financial covenants require the company to maintain a leverage ratio of no more than 0.60, a fixed charge coverage ratio of at least 1.5 and minimum tangible net worth of $1,653,403,000 plus 85% of the net proceeds of certain future equity issuances.
The company, formerly known as CB Richard Ellis Realty Trust, is a real estate investment trust based in Princeton, N.J.
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