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Spieker Properties Completes New $400 Million Credit Facility

MENLO PARK, CA-Wells Fargo Bank, as sole lead agent, arranged the syndicate of 11 banks, which included Bank of America as syndication agent and Commerzbank AG as documentation agent. The pricing is LIBOR plus 70 basis points.

By Raymond J. Aguilera | Updated on November 21, 2000

MENLO PARK, CA-Spieker Properties said late Monday it has enlarged its line of credit to an unsecured $400 million. The new cash flow comes with a three-year term, and an option to extend for an additional year. Negotiating the new deal, Spieker was able to bring their credit costs down by ten basis points to LIBOR plus 70 basis points.

The new funding comes after a booming Third Quarter for Spieker. The company specializes in industrial and office properties located primarily in Seattle, Portland, OR and California markets. At the end of the quarter, funds from operation amounted to $85.3 million, or $1.00 per share. During the same time period last year, Spieker posted an FFO of $0.87 per share.

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