Proceeds will be used to repay other indebtedness, as well as make some of Brandywine's existing $500-million revolving credit facility available. The loan was not secured by any of the company's assets. It matures in three years, but Brandywine can elect two one-year extensions if certain, unspecified conditions are met at that time. There are no scheduled principal payments due prior to maturity.
Charlotte, NC-based Bank of America, N.A. is the administrative agent for the loan, with the New York and Grand Cayman branches of Frankfurt, Germany-based Commerzbank AG, and the locally based Fleet National Bank, a FleetBoston subsidiary, as co-documentation agents.
Bank of America Securities LLC was sole lead arranger and book manager of the term loan.
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