Gramercy Property Trust added $225 million of proceeds to its existing $175 million unsecured term loan with Capital One NA, boosting it to $400 million.
The company also modified the agreement governing the loan and lowered the spreads across the pricing grid. The modifications also include a swapped fixed rate of about 3.00%.
Gramercy intends to use the net proceeds of the five-year term loan, which expires Jan. 9, 2023, to trim borrowings under its revolving credit facility.
The borrowers of the amended term loan facility are GPT Operating Partnership LP and GPT Property Trust LP. Gramercy Property Trust is acting as guarantor.
Capital One NA was the sole lead arranger for the loan.