Parkway closes $120 million five-year term loan at Libor plus 145 bps

By Marisa Wong

Madison, Wis., June 12 - Parkway Properties, Inc. said it closed a $120 million unsecured term loan due June 11, 2018.

The term loan has an accordion feature that would expand the facility to up to $250 million. Interest is equal to Libor plus an applicable margin that is initially 145 basis points.

Parkway has also executed a floating-to-fixed interest rate swap totaling $120 million, locking Libor at 1.61% for five years and resulting in an initial all-in interest rate of 3.06%, according to a news release.

The term loan will have similar operating and financial covenants as required by the company's revolving credit facility.

Wells Fargo Bank funded the entire amount of the term loan.

Parkway is an Orlando, Fla.-based real estate investment trust specializing in office properties.

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