Empire State Realty Trust announces closure of new term loan facility worth USD265m.
M2 EQUITYBITES-August 27, 2015-Empire State Realty Trust announces closure of new term loan facility worth USD265m
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Empire State Realty Trust Inc (NYSE:ESRT) has closed a new seven year USD265.0m senior unsecured term loan facility, it said on Thursday.
Also, the company mentioned that the facility is expandable under certain circumstances by USD100m to USD365.0m and this term loan matures on 24 August 2022.
The facility at the company's election, bears interest at a floating rate equal to a LIBOR rate plus a spread ranging from 1.400% to 2.350%; or a base rate plus a spread ranging from 0.400% to 1.350%, in each case such spread as decided by its leverage ratio and credit rating. Besides, under a forward interest rate swap agreement, it effectively fixed LIBOR at 2.1485% for USD265.0m of the term loan facility, from 31 August 2017 till maturity.
All the proceeds from the term loan facility will be applied by the company to repay borrowings made under its unsecured revolving credit facility.
Acting as administrative agent was Wells Fargo Bank National Association, acting as syndication agent was Capital One National Association and acting as documentation agent was PNC Bank National Association, with US Bank National Association also participating.
The company is a real estate investment trust that owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building. It is based in New York, New York and its office and retail portfolio covers 10.0m sq ft of area that can be rented, as of 30 June 2015.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Aug 27, 2015|
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