WashREIT Announces Private Placement of $350 Million of Green Bonds
06 October 2020 - 12:00AM
WashREIT (NYSE: WRE) today announced that it has entered into an
agreement to issue $350.0 million aggregate principal amount of
3.44% senior unsecured 10-year notes (the “Notes”). The Notes are
scheduled to mature on December 29, 2030. The closing and funding
of the Notes is expected to occur on December 29, 2020, with the
ability for such closing and funding to occur earlier upon the
Company’s election, in each case, subject to the satisfaction of
standard closing conditions.
The Company intends to allocate the net proceeds
from the offering to finance or refinance recently completed and
future green building and energy efficiency, sustainable water and
wastewater management and renewable energy projects (“Eligible
Green Projects”) and, pending allocation to such Eligible Green
Projects, such net proceeds may be used to repay borrowings
outstanding on the Company’s revolving credit facilities or term
loans and may be held in cash and cash equivalents.
“We are pleased with the results of this
transaction which strengthens our balance sheet, extends our debt
maturity ladder, and demonstrates our commitment to continuing to
deliver superior sustainability performance,” said Paul T.
McDermott, President and CEO of WashREIT.
The offer and sale of the Notes have not been
and will not be registered under the U.S. Securities Act of 1933 as
amended (the “Act”), or the securities laws of any state or other
jurisdiction, and the Notes may not be offered or sold in the
United States or any other jurisdiction absent registration or an
applicable exemption from the registration requirements of the Act
and the applicable securities laws of any state or other
jurisdiction. This press release does not constitute an offer to
sell or the solicitation of an offer to buy the Notes, nor shall
there be any offer, solicitation or sale of any Notes in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About
WashREIT
WashREIT owns and operates uniquely positioned
real estate assets in the Washington D.C. market. Backed by decades
of experience, expertise and ambition, we create value by
transforming insights into strategy and strategy into action. As of
October 5, 2020, the Company's portfolio of 45 properties includes
approximately 3.7 million square feet of commercial space and 6,861
multifamily apartment units. These 45 properties consist of 22
multifamily properties,15 office properties, and 8 retail centers.
Our shares trade on the NYSE and our company currently has an
enterprise value of approximately $3 billion. With a track record
of driving returns and delivering satisfaction, we are a trusted
authority in one of the nation's most competitive real estate
markets.
Contact: Amy
HopkinsPhone:
202-774-3253E-mail: ahopkins@washreit.com
Washington REIT (NYSE:WRE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Washington REIT (NYSE:WRE)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Washington REIT (New York Stock Exchange): 0 recent articles
More News Articles