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Government Properties extends $750M revolving credit facility

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Government Properties extends $750M revolving credit facility

Government Properties Income Trust amended its existing $750 million unsecured revolving credit facility to extend the maturity date to Jan. 31, 2023, from Jan. 31, 2019.

The amended facility, which may be increased to up to $2.5 billion, comes with two additional six-month extension options.

The interest rate of the revolver was also trimmed to the London interbank offered rate plus 110 basis points from Libor plus 125 basis points, subject to adjustments based on the office landlord's credit ratings.

Government Properties is in the process of merging with Select Income REIT to create a new real estate investment trust with undepreciated gross assets worth $6.1 billion. Shareholders of the two companies, which are both managed by RMR Group Inc., are scheduled to vote on the merger Dec. 20.

Wells Fargo Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc. and Citigroup Global Markets Inc. were the joint lead arrangers for the facility. BMO Harris Bank NA, Branch Banking and Trust Co., Associated Bank NA, Berkshire Bank, First Hawaiian Bank NA, First Tennessee Bank, Barclays Bank PLC, Morgan Stanley Bank NA, the Stamford branch of UBS AG and E.Sun Commercial Bank Ltd. were the lenders.

The facility's administrative agent was Wells Fargo Bank NA, while its co-syndication agents are Bank of America NA and Citibank NA. The co-documentation agents were Mizuho Bank Ltd., PNC Bank NA, Royal Bank of Canada, Regions Bank, Sumitomo Mitsui Banking Corp. and U.S. Bank NA.