This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Chambers Street Obtains $1.37 Billion Of Unsecured Financing Capacity

Chambers Street Properties (NYSE:CSG), a net lease industrial and office real estate investment trust, today announced that it has completed an amended, restated and consolidated credit agreement, providing the Company with approximately $1.25 billion of new and refinanced unsecured borrowings and available capacity. This financing activity is in addition to a recently-completed $120 million unsecured term loan, bringing the aggregate capacity of recent unsecured financings to $1.37 billion.

“Obtaining these unsecured financings at very attractive interest rates is an affirmation of the strength of our balance sheet and the value and stability of our portfolio,” commented Martin A. Reid, Chambers Street Properties’ Chief Financial Officer. “With our enhanced balance sheet flexibility and borrowing capacity, including an expanded $850 million revolving line of credit, as well as new and replacement unsecured term loan financings of $520 million, the Company is well capitalized to pursue its strategic objectives to grow our portfolio and drive higher cash flows and shareholder value over time.”

On September 26, 2013, the Company entered into an amended, restated and consolidated credit agreement, including a $850 million capacity revolving credit facility and $400 million of new and replacement term financings, as described below:
  • A new unsecured revolving credit facility with $850 million in capacity and a maturity date of January 15, 2018. The facility will carry an interest rate of LIBOR plus a spread that is based on the Company’s leverage ratio and credit rating, should the Company receive a credit rating. Initially, the spread over LIBOR is anticipated to be 1.70%. The new credit facility replaces the Company’s prior revolving credit facility that had $700 million in capacity and was scheduled to mature in September 2016.
  • The replacement of its $200 million unsecured term loan, scheduled to mature in March 2018, with a new $200 million term loan with the same maturity date. An existing interest rate swap agreement will remain in place to effectively fix the all-in interest rate on the new term loan at 2.6385% for the duration of its term. The loan’s interest rate is subject to adjustment based on the Company’s leverage ratios and credit ratings, should the Company receive a credit rating.
  • A new $200 million unsecured term loan, scheduled to mature in January 2019. The Company entered into an interest rate swap agreement to effectively fix the all-in interest rate on this term loan at 3.274% for the duration of its term. The loan’s interest rate is subject to adjustment based on the Company’s leverage ratios and credit rating, should the Company receive a credit rating.

In addition to the $1.25 billion amended, restated and consolidated credit agreement, in September the Company also closed on a new $120 million unsecured term loan, scheduled to mature in January 2021. The Company entered into an interest rate swap agreement to effectively fix the all-in interest rate on this term loan at 4.42125% for the duration of its term. The loan’s interest rate is however subject to adjustment based on the Company’s leverage ratios and credit ratings, should the Company receive a credit rating.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs