Corporate Office Properties Trust Announces Renewal and Expansion of Credit Facility.Business Editors COLUMBIA Columbia, cities, United States Columbia (kəlŭm`bēə). 1 City (1990 pop. 75,883), Howard co., central Md., between Washington, D.C., and Baltimore. , Md.--(BUSINESS WIRE)--April 3, 2001 Corporate Office Properties Trust Corporate Office Properties Trust Inc. (COPT) (NYSE: OFC) is a publicly-traded real estate investment trust (REIT) corporation that specializes in office development, and describes itself as "a fully integrated, self-managed real estate investment trust that focuses on the (NYSE NYSE See: New York Stock Exchange :OFC OFC Office OFC Officer OFC Of Course OFC Oxygen Free Copper OFC Oceania Football Confederation (soccer) OFC Optical Fiber Cable OFC Optical Fiber Communications OFC Optical Fiber Conference ) announced today that it has renewed and expanded its existing $100 million secured revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. The facility was arranged by Deutsche Banc Alex (language) Alex - 1. A polymorphic language being developed by Stephen Crawley <sxc@itd.dtso.oz.au> of Defence Science & Tech Org, Australia. Alex has abstract data types, type inference and inheritance. 2. The Company expects to repay and fully retire the $29 million outstanding on its additional $50 million revolving credit facility in connection with the expansion of this facility. "The renewal and expansion of this facility is an important element in maintaining a stable capital structure. With this renewal and other refinancings we are executing, we will have no major debt maturities for three years," said Clay W. Hamlin III, Chief Executive Officer. Company Information Corporate Office Properties Trust is a fully-integrated, self-managed real estate investment trust, which focuses on the ownership, development, management and acquisition of suburban office properties located in targeted suburban submarkets in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company presently owns 89 office properties totaling 6.9 million square feet of space. Corporate Development Services, the Company's development company, provides a wide range of development and construction management services. In addition, Corporate Office Services provides land planning, design/build services, consulting and merchant development to third-party entities. For more information, visit Corporate Office Properties' website at http://www.copt.com. Forward-Looking Information This press release contains forward-looking information based upon the Company's current best judgement and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with the forward-looking information include the strength of the commercial office real estate market in which the Company operates, competitive market conditions, general economic growth, interest rates and capital market conditions. For further information, please refer to the Company's filings with the Securities and Exchange Commission. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion