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Corporate Office Properties signs new $800M line of credit

Columbia, Md.-based Corporate Office Properties Trust and its operating partnership, Corporate Office Properties LP, signed an agreement for a new $800 million line of credit, which will replace an existing one of the same amount, slated to mature in May 2019.

The new line of credit will be due March 10, 2023, after which the office landlord can avail two six-month extension options.

The interest rate on the new facility is London Interbank Offered Rate plus 77.5 to 145 basis points, based on Corporate Office's current credit ratings, while the initial spread over LIBOR is equal to 110 basis points.

JPMorgan Chase Bank NA and KeyBanc Capital Markets Inc. acted as joint book runners on the new facility, as well as joint lead arrangers alongside Barclays Bank PLC, Citibank NA, Merrill Lynch Pierce Fenner & Smith Inc. and Wells Fargo Bank NA.