Washington Real Estate Investment Trust Amends and Extends Credit Facility
18 May 2012 - 10:21PM
Business Wire
Washington Real Estate Investment Trust (WRIT) (NYSE: WRE) has
amended one of its two unsecured credit facilities, to extend the
maturity from July 1, 2014 to July 1, 2016, with a one-year
extension option. In addition, the amendment lowers the interest
rate to LIBOR plus a margin of 107.5 basis points (previously 122.5
basis points) based on WRIT’s current credit rating and eliminates
the requirement for guarantees from WRIT’s subsidiaries under
certain circumstances. The facility retains its initial committed
capacity of $400 million with an accordion feature that allows WRIT
to increase the facility to $600 million, subject to additional
lender commitments.
The bank group and commitments remain unchanged from the prior
facility. The lead arranger and bookrunner for the facility is
Wells Fargo Securities, LLC. Wells Fargo Bank, National
Association, is administrative agent and issuing bank. The Bank of
New York Mellon, Citibank, N.A., and Credit Suisse AG, Cayman
Islands Branch serve as documentation agents. Additional
participants include Royal Bank of Canada, U.S. Bank, N.A.,
JPMorgan Chase Bank, N.A., Branch Banking & Trust Co., and
Raymond James Bank, FSB.
“Our strong, conservative balance sheet enables us to negotiate
more favorable terms with our lenders when appropriate. In this
case, we improved the legal flexibility, extended the term, and
lowered the interest rate spread and fees of our credit facility to
better align with recent market deal metrics. We appreciate all the
effort that our bank group and legal team devoted to this
transaction to make it a success,” said William T. Camp,
Executive Vice President and Chief Financial Officer of WRIT.
WRIT is a self-administered, self-managed, equity real estate
investment trust investing in income-producing properties in the
greater Washington metro region. WRIT owns a diversified portfolio
of 71 properties totaling approximately 9 million square feet of
commercial space and 2,540 residential units, and land held for
development. These 71 properties consist of 26 office properties,
18 medical office properties, 16 retail centers and 11 multifamily
properties. WRIT shares are publicly traded on the New York Stock
Exchange (NYSE:WRE).
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements involve known and unknown
risks, uncertainties, and other factors that may cause actual
results to differ materially. Such risks, uncertainties and other
factors include, but are not limited to, the potential for federal
government budget reductions, changes in general and local economic
and real estate market conditions, the timing and pricing of lease
transactions, the effect of the current credit and financial market
conditions, the availability and cost of capital, fluctuations in
interest rates, tenants' financial conditions, levels of
competition, the effect of government regulation, the impact of
newly adopted accounting principles, and other risks and
uncertainties detailed from time to time in our filings with the
SEC, including our 2011 Form 10-K and first quarter 2012 Form 10-Q.
We assume no obligation to update or supplement forward-looking
statements that become untrue because of subsequent events.
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