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Corporate Office to redeem its series H preferred stock via new notes
By Tali Rackner
Norfolk, Va., May 14 - Corporate Office Properties, LP plans to use the proceeds from a new senior note offering to fund the expected redemption of its series H preferred shares, according to a 424B5 filing with the Securities and Exchange Commission.
Proceeds will also be used to repay borrowings under the company's unsecured revolving credit facility, $50 million under its existing term loan and for general corporate purposes.
As of Monday, there was $95 million outstanding under the unsecured revolver and $250 million outstanding under the term loan.
Corporate Office is a Columbia, Md.-based specialty office real estate investment trust that focuses primarily on strategic customer relationships and specialized tenant requirements in the United States, government and defense information technology sectors.
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