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Columbia Property enters interest-rate swap deal to fix rate on $300M term loan

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Columbia Property enters interest-rate swap deal to fix rate on $300M term loan

Columbia Property Trust Inc. entered into an interest-rate swap agreement to effectively fix the interest rate on a $300 million term loan at 2.55% and approved a stock buyback plan of $200 million through September 2021.

In reporting its latest results, the office real estate investment trust said it is party to the interest-rate swap agreement, effective Aug. 13, with termination date set at Aug. 13, 2024. The company added that as the term loan is undrawn, the swap agreement is temporarily being used to fix the interest rate on outstanding borrowings under its revolving credit facility.