Corporate Office Properties Trust gets $400 million amended, restated revolver

By Sara Rosenberg

New York, June 30 - Corporate Office Properties Trust closed on a $400 million amended and restated revolving credit facility due March 9, 2008, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Wachovia and KeyBank acted as co-arrangers on the deal, with Wachovia also the administrative agent and KeyBank the syndication agent. Manufacturers and Traders Trust Co., Wells Fargo and Bank of America are the documentation agents.

The revolver, which was finalized on June 24, carries an interest rate of Libor plus 115 to 155 basis points, based on leverage. The initial interest rate on the deal is Libor plus 140 bps, the filing said.

Financial covenants include a maximum leverage ratio of 0.65 to 1.0, a minimum fixed charge coverage ratio of 1.40 to 1.00 and a minimum unencumbered interest coverage ratio of 1.75 to 1.00.

At close, the company drew down $336 million to refinance the outstanding facility balance under the new loan structure and pay accrued interest and loan fees and repay a $77 million term loan.

Corporate Office Properties Trust is a Columbia, Md.-based real estate investment trust focused on suburban office properties.

© 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.