Columbia Property Trust Expands Credit Facility, Extends Maturities, and Lowers Borrowing Costs
Columbia Property Trust, Inc. (CXP)
Last columbia property trust, inc. earnings: 4/30 04:07 pm
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Source: Business Wire
NEW YORK--(BUSINESS WIRE)-- Columbia Property Trust, Inc. (NYSE: CXP) has closed an amended and restated revolving credit and term loan agreement. The credit agreement recasts the Company’s $800 million unsecured revolving credit and term loan facility and replaces it with a $950 million combined facility. The unsecured revolving credit facility increased from $500 million to $650 million with a new maturity in January 2023. It includes two six-month extension options and bears interest at a rate of 90 basis points over LIBOR based on current credit ratings, a 10 basis point improvement over the prior revolver. The new $300 million unsecured term loan matures in January 2024 and bears interest at 100 basis points over LIBOR, also a 10 basis point improvement over our prior term loan. The new term loan is currently undrawn and includes a delayed-draw feature allowing Columbia up to 12 months to fully draw
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