Equity Commonwealth Enters Into New $1.15 Billion Credit Agreement
03 Fevereiro 2015 - 7:15PM
Business Wire
Equity Commonwealth (NYSE: EQC) today announced it entered into
a new $1.15 billion Credit Agreement. The new Credit Agreement
reduced the interest rate and extended the term of the Company’s
unsecured revolving credit facility and term loan borrowings. The
agreement is comprised of a $750 million revolving credit facility,
a $200 million five-year term loan, and a $200 million seven-year
term loan.
The new Credit Agreement reduced the interest rate on the
revolving credit facility by 25 basis points to LIBOR plus 125
basis points and the facility fee 10 basis points to 25 basis
points. The interest rate on the 5-year term loan decreased 45
basis points to LIBOR plus 140 basis points and the interest rate
on the 7-year term loan is LIBOR plus 180 basis points. The
interest rates and facility fee adjust based on EQC’s senior
unsecured credit ratings.
The term loans replaced the previous $400 million term loan that
was scheduled to mature on December 15, 2016. EQC does not have an
outstanding balance on the revolving credit facility.
Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, and
Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as
Joint Lead Arrangers and Bookrunners for the revolving credit
facility and five-year term loan. Wells Fargo Securities, LLC acted
as Sole Lead Arranger and Sole Bookrunner for the seven-year term
loan. Wells Fargo Bank, NA, will serve as Administrative Agent
under the Credit Agreement. A group of 19 financial institutions
participated in the revolving credit facility and term loan
syndicates.
About Equity Commonwealth
Equity Commonwealth (NYSE: EQC) is an internally managed and
self-advised real estate investment trust (REIT). EQC is one of the
largest commercial office REITs in the United States, with a
portfolio of over 40 million square feet located in 30 states, DC
and Australia.
Forward-Looking Statements
This press release may contain forward-looking statements and
information within the meaning of the federal securities laws,
including statements regarding applicable interest rates and fees
under the Credit Agreement, compliance with the covenants, terms
and conditions of the Credit Agreement and the ability to obtain
additional borrowings. These statements are based on current
expectations, estimates, projections and assumptions made by
management. While Equity Commonwealth management believes the
assumptions underlying its forward-looking statements are
reasonable, such information is inherently subject to uncertainties
and may involve certain risks. Other risks and uncertainties are
described under the heading “Risk Factors” in our Annual Report on
Form 10-K and subsequent periodic reports filed with the Securities
and Exchange Commission (SEC) and available on our website,
www.eqcre.com. Many of these uncertainties and risks are difficult
to predict and beyond management’s control. Forward-looking
statements are not guarantees of future performance, results or
events. Equity Commonwealth assume no obligation to update or
supplement forward-looking statements that become untrue because of
subsequent events.
Equity CommonwealthInvestor and Media
Contact:Sarah Byrnes, Investor Relations(312)
646-2801ir@eqcre.comwww.eqcre.com
Equity Commonwealth (NYSE:EQC)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Equity Commonwealth (NYSE:EQC)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024