By Wendy Van Sickle
Columbus, Ohio, Oct. 24 – Franklin Street Properties Corp. entered into a note purchase agreement on Tuesday for a private placement of $200 million of senior unsecured notes in two series, according to an 8-K filing with the Securities and Exchange Commission.
The $116 million of 3.99% series A notes are due Dec. 20, 2024, and $84 million of 4.26% series B notes are due Dec. 20, 2027.
Closing is expected on Dec. 20.
Proceeds are expected to be used to reduce the company’s outstanding balance on its credit agreement with Bank of America, NA as administrative agent.
Based in Wakefield, Mass., Franklin is focused on investments in commercial properties.
| Issuer: | Franklin Street Properties Corp.
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| Issue: | Senior unsecured notes
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| Amount: | $200 million
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| Agreement date: | Oct. 24
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| Settlement date: | Dec. 20
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| Distribution: | Private placement
|
|
|
| Series A notes
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| Amount: | $116 million
|
| Coupon: | 3.99%
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| Maturity: | Dec. 20, 2024
|
|
|
| Series B notes
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| Amount: | $84 million
|
| Coupon: | 4.26%
|
| Maturity: | Dec. 20, 2027
|
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