WASHINGTON, DC–Washington REIT's has expanded its credit profile and access to liquidity with an amended $700 million unsecured revolving credit facility. It has also refinanced an existing $150 million seven-year unsecured term loan with a $250 million five-year unsecured term loan. The expanded credit facility has improved financial covenants that will provide the REIT with greater flexibility, according to a prepared statement by CFO Stephen E. Riffee.

The revolving credit facility will have a four-year term ending on March 29, 2022, with two six-month extension options. It extends Washington REIT's existing $600 million revolving credit facility that was set to expire on June 22, 2019. The interest rate under the revolving credit facility will be based upon a spread over LIBOR.

The interest spread for the existing $150 million term loan was reduced by 55 basis points by swapping to a lower fixed interest rate of 2.31%. Washington REIT has also entered into interest rate swap arrangements to swap the floating interest rate for the additional $100 million term loan to an all-in fixed interest rate of 3.71%. The $100 million of additional proceeds from the expanded term loan will be used to repay the unsecured revolving credit facility.