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City Office REIT lands $250M unsecured credit facility

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City Office REIT lands $250M unsecured credit facility

City Office REIT Inc. obtained a new unsecured revolving credit facility, replacing its existing secured revolving credit facility.

The new facility boosts the office real estate investment trust's borrowing capacity to $250 million and contains an accordion feature allowing for potential borrowing capacity of as much as $500 million. The facility expires in March 2022 and provides for one 12-month extension option. Depending on total leverage, borrowings under the facility carry interest on the outstanding principal at London Interbank Offered Rate plus 1.40% to 2.25%.

KeyBank NA led the facility as administrative agent, while KeyBanc Capital Markets Inc. was the arranger. The other lenders included Raymond James Bank NA, Royal Bank of Canada, BMO Harris Bank NA and Fifth Third Bank.