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Parkway expands revolver to $215 million, adds U.S. Bank as lender
By Susanna Moon
Chicago, Oct. 12 - Parkway Properties, Inc. added U.S. Bank NA as a lender by exercising $25 million of the accordion on its senior unsecured revolving credit facility, bringing the total size to $215 million. The facility matures in March 2016.
The revolver was upsized from $190 million on Wednesday via Wells Fargo Securities, LLC and Bank of America Merrill Lynch as lead arrangers and bookrunners, according to an 8-K filing with the Securities and Exchange Commission.
Interest on the loan is Libor plus 160 basis points. Other credit terms remain unchanged.
Wells Fargo Bank, NA is the administrative agent. Bank of America, NA is the syndication agent. PNC Bank, NA, Royal Bank of Canada and KeyBank NA are the documentation agents. There are now nine lenders, including JPMorgan Chase Bank, NA, Trustmark National Bank and Seaside National Bank and Trust.
The company amended the loan terms in April, cutting interest rate spreads and unused fees on its $190 million revolver and its $10 million working capital revolver.
The company also extended the maturity date by two years from Jan. 31, 2014, with an additional one-year extension option with the payment of a fee, and boosted the size of the accordion feature by $50 million to as much as $160 million.
"We believe the new credit facilities better position Parkway as we seek to execute on our new strategy," James R. Heistand, president and chief executive officer of Parkway, said in a previous press release.
Parkway Properties is a self-administered real estate investment trust specializing in the ownership of quality office properties in higher growth submarkets in the Sunbelt region of the United States. The REIT is based in Orlando, Fla.
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