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Amended Credit Facilities Give Washington REIT Access To More Liquidity

The REIT has also refinanced an existing $150 million seven-year unsecured term.

Arlington Tower, one of Washington REIT’s holdings.

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.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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