- 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.
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: