New $300M Credit Facility for COPT

COLUMBIA, MD-Corporate Office Properties Trust, a leading suburban office REIT, has crossed the “T”s and dotted the “I”s on a new $300-million unsecured revolving credit facility. The new facility replaces a previous Deutsche Banc Alex. Brown Inc.-arranged $150-million facility with Bankers Trust Co that was scheduled to mature on March 31. The $150-million note originated as a replacement for a $125-million facility in 2002.

“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.”