S&P: Tishman Speyer unchanged

Standard & Poor's said its ratings on Tishman Speyer Real Estate D.C. Area Portfolio LP (BB-/stable) are not affected by recent modifications to the terms of its $570 million secured credit facility, which is scheduled to close today.

In particular, the company increased the revolving portion of the facility to $200 million from $175 million and plans to use the additional proceeds to buyout the interests of a joint venture partner in one of its assets, the agency said.

While the term portion of the credit facility is unchanged at $370 million, an "incremental term loan" of up to $200 million has been added to the credit agreement, the agency noted.

At this time, there is no lender commitment to fund any additional amount and no specific use of proceeds has been identified, S&P said.

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