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First Potomac recasts $300 million revolver, $300 million term loans
By Wendy Van Sickle
Columbus, Ohio, Dec. 7 – First Potomac Realty Trust entered into an amended and restated credit agreement consisting of a $300 million four-year revolving credit facility and a $300 million unsecured term loan, according to a press release.
The term loan agreement consists of three $100 million tranches with terms of five years, five and a half years and seven years, respectively.
The revolver has a one-year extension option.
The consolidated facility replaces the company’s previous replace revolving credit facility and unsecured term loans.
KeyBanc Capital Markets, Wells Fargo Securities, LLC, and PNC Capital Markets, LLC acted as joint lead arrangers and joint lead book runners for the revolver.
Joint lead arrangers and joint lead bookrunners for the term loan were KeyBanc and Wells Fargo for the five-year tranche; KeyBanc, SunTrust Robinson Humphrey, Inc. and Bank of Montreal for the five-and-a-half-year tranche; and KeyBanc, U.S. Bank NA and Capital One, NA for the seven-year tranche. KeyBank NA acted as administrative agent.
“The new consolidated credit agreement better aligns our borrowing ability with our business objectives, gives us additional flexibility as it relates to dispositions, allows for the redemption of our series A preferred shares and also reduces the capitalization rates used to calculate gross asset value for our financial covenants,” Andy Blocher, First Potomac executive vice president and chief financial officer, said in the release. “We were also able to extend the term and reduce our borrowing costs.”
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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