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WRIT Issues $55 Million in Bonds

ROCKVILLE, MD-Washington Real Estate Investment Trust will issue notes worth $55 million to pay down its debts under its current revolving credit facilities. The 7.78% medium-term notes are due in 2004.

By Mike Cleary | Updated on November 08, 2000

ROCKVILLE, MD-Washington Real Estate Investment Trust will issue $55 million of 7.78% medium-term notes. The Rockville, MD-based real estate investment trust will use the net proceeds, expected to be about $54.8 million to pay down borrowings under WRIT’s revolving credit facilities. Those facilities had a total outstanding balance of about $54 million as of Oct. 31, 2000.

The Series B notes are due 2004 and are rated Baa1 by Moody’s and A- by Standard & Poor’s.Merrill Lynch & Co. was the lead manager of a selling group that also included BB&T Capital markets, Banc One Capital Markets Inc., Credit Suisse First Boston Corporation, Deutsche Banc Alex. Brown, A.G. Edwards & Sons Inc., Legg Mason Wood Walker Incorporated and Salomon Smith Barney.

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