Parkway Properties extends, cuts pricing on $200 million facilities

By Susanna Moon

Chicago, April 4 - Parkway Properties, Inc. said it lowered the interest rate spreads and unused fees on its $190 million senior unsecured revolving credit facility and its $10 million working capital revolver.

The company also extended the maturity date by two years to March 29, 2016, 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.

Wells Fargo Securities, LLC and Bank of America Merrill Lynch are the lead arrangers and bookrunners. Wells Fargo Bank, NA is the administrative agent; Bank of America, NA is the syndication agent; and KeyBank, NA, PNC Bank, NA and Royal Bank of Canada are the documentation agents. Other participating lenders include JPMorgan Chase Bank, Trustmark National Bank and Seaside National Bank and Trust. The working capital revolving credit facility was provided by PNC Bank, NA.

The facilities had been set to mature on Jan. 31, 2014.

"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 the 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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