Franklin Street taps $100 million accordion on credit line with BofA

By Susanna Moon

Chicago, May 20 - Franklin Street Properties Corp. increased its credit line by $100 million to $600 million under an amended credit agreement with Bank of America, NA as administrative agent by exercising the accordion feature, according to an 8-K filing with the Securities and Exchange Commission.

Franklin Street and some of its wholly owned subsidiaries amended the terms on Thursday with Bank of America, which is also the line of credit issuer and swingline lender.

The company also added a new lender to the credit facility.

The company said on Feb. 23 that it closed on a new $500 million three-year unsecured revolving credit facility with Bank of America.

Pricing on the revolver ranges from Libor plus 185 basis points to 300 bps based on leverage. The initial rate is Libor plus 185 bps.

There is also a one-year extension option.

Proceeds were being used to refinance an existing $250 million credit facility and $75 million term loan.

Franklin Street is a Wakefield, Mass.-based investment firm specializing in real estate

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