EasterlyGovernment Properties Inc. closed a new $100 million unsecureddelayed-draw term loan.
The seven-year loan has an initial interest rate of the LIBORplus 170 basis points, and may be prepaid without penalty beginning October2018. The loan matures Sept. 29, 2023, with a 180-day delayed-draw period.
The company plans to use the net proceeds of the loan torepay outstanding borrowings under its unsecured revolving credit facilityand for general corporate purposes. The company also said it intends to swapthe loan's underlying base rate from floating to fixed, subject to marketconditions.
PNC Capital Markets LLC, U.S. Bank NA and SunTrust RobinsonHumphrey Inc. were joint lead arrangers and joint book runners for the loan.PNC Bank NA was the administrative agent, and U.S. Bank NA and SunTrust Bankwere syndication agents.