COPT Enters into $250M Term Loan
Posted February 15, 2012
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Corporate Office Properties Trust (COPT) (NYSE: OFC) has entered into a $250 million term loan agreement with the option to expand the amount drawn during the term, subject to certain conditions, by $150 million, for a maximum loan of $400 million.
The Term Loan has a five-year term and a variable interest rate of LIBOR plus 1.65% to 2.40%, depending on the Company's leverage levels. The Company used proceeds from the Term Loan to repay outstanding balances on its unsecured line of credit.
On the Term Loan, J.P. Morgan Securities LLC and KeyBanc Capital Markets acted as joint lead arrangers and joint book runners; KeyBank National Association acted as administrative agent; JPMorgan Chase Bank, N.A., acted as syndication agent; and Bank of America, N.A., PNC Bank, National Association, Royal Bank of Canada and Wells Fargo Bank, National Association acted as co-documentation agents.
"This transaction enables us to extend our debt maturities at attractive interest rates," said Randall M. Griffin, Chief Executive Officer of COPT in a statement.
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Corporate Office Properties Trust
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