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JBG Smith amends $1B revolver

JBG Smith Properties amended its $1.0 billion revolving credit facility to extend the maturity date to Jan. 7, 2025, from July 16, 2021, among other changes.

The amended agreement also lowered the interest rate to the London interbank offered rate plus 105 basis points, down five basis points from the previous revolver.

The amounts of the unsecured term loan A-1 and unsecured term loan A-2 will continue to be $200 million each and the maturity dates will remain January 2023 and July 2024, respectively.

Separately, the diversified real estate investment trust partnered with Hana, which provides flexible office leasing to large enterprises, mid-tier companies and startups.

Hana will initially lease about 39,000 square feet of space at the REIT's 11-story building at 2451 Crystal Drive in Arlington, Va. The site will open later in 2020 and will be the CBRE Group Inc. unit's first location on the East Coast.

The recast of the revolving credit facility was led by Wells Fargo Securities LLC, BofA Securities Inc., JPMorgan Chase Bank NA, Capital One NA, PNC Capital Markets LLC and Citizens Bank NA as joint lead arrangers, with Wells Fargo Bank NA as administrative agent.

BMO Harris Bank NA, Regions Bank, TD Bank NA, The Bank of New York Mellon, Truist Bank, Goldman Sachs Bank USA, The Bank of Nova Scotia and Morgan Stanley Senior Funding Inc. were documentation agents. Fifth Third Bank, Landesbank Baden-Württemberg New York branch, ING Capital LLC, Crédit Agricole Corporate and Investment Bank, Associated Bank, United Bank and U.S. Bank NA also participated as lenders.