First Potomac Realty increases accordion feature of term loan facility

By Angela McDaniels

Tacoma, Wash., Feb. 2 - First Potomac Realty Trust's operating partnership, First Potomac Realty Investment LP, increased the accordion feature of its $175 million term loan facility by $50 million, according to an 8-K filing with the Securities and Exchange Commission.

The company can now increase the size of the term loan to $300 million. Prior to the change, it could increase the size to $250 million.

The amendment was made on Jan. 27. The remaining terms of the facility are unchanged.

The facility has three tranches. The $60 million tranche A, $60 million tranche B and $55 million tranche C term loans mature on July 18, 2016, July 18, 2017 and July 18, 2018, respectively.

The interest rate is Libor plus 215 basis points for tranche A, Libor plus 225 bps for tranche B and Libor plus 230 bps for tranche C.

KeyBank NA is the administrative agent.

First Potomac is a Bethesda, Md.-based real estate investment trust that focuses on industrial properties and business parks in the Washington, D.C., metropolitan area.

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