"The facility is expected to have a maximum principal of $300 million, a three-year term and a variable interest rate based on the 30-day Libor rate plus 1.25% to 1.55%, as determined by our leverage levels at different points in time," COPT officers note in the company's 2003 annual report. "We also expect the facility to have a fee of 0.125% to 0.25% on the amount of the credit facility that is unused."

COPT executive vice president and CFO Roger A. Waesche Jr. adds in a prepared statement, "Our new credit facility is an important element in maintaining a stable capital structure, increases our financial flexibility and provides more favorable terms, reflecting the company's growth over the past three years. He continues, "With the new revolving facility and other refinancings we are executing, we will have no major debt maturities until late 2006."

The new $300-million facility was orchestrated by lead arrangers Wachovia Securities Inc. and KeyBanc Capital Markets. Wachovia Securities Inc. and KeyBanc Capital Markets served as the administrative agent and the syndication agent, respectively.