NEWTON, Mass., Oct 28, 2010 (BUSINESS WIRE) -- Government Properties Income Trust (NYSE: GOV) today announced that it
has entered a new $500 million unsecured revolving bank credit facility.
The new facility replaces GOV's previous $250 million secured revolving
bank credit facility which had a maturity date of April 24, 2012. The
maturity date of the new facility is October 28, 2013, and includes a
borrower's option to extend the facility for one year to October 28,
2014. The new facility also includes a feature under which the maximum
borrowing may be increased to up to $1 billion in certain circumstances.
GOV recently received investment grade senior unsecured debt ratings of
Baa3 and BBB- from Moody's Investors Service and Standard & Poor's
Ratings Services, respectively. Interest paid on drawings under the new
facility is set at LIBOR plus 210 basis points, subject to adjustments
based on changes to GOV's credit ratings.
Wells Fargo Securities, LLC and Banc of America Securities LLC acted as
Joint Lead Arrangers for the new facility. As compared to GOV's previous
facility, the number of participating banks in the new facility
increased from eight to 19 institutions. Banks participating in the new
facility are as follows:
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Name of Institution
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Facility Title
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Wells Fargo Bank, N.A.
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Administrative Agent
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Bank of America, N.A.
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Syndication Agent
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U.S. Bank, N.A.
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Documentation Agent
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Regions Bank
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Documentation Agent
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Royal Bank of Canada
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Documentation Agent
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Capital One, N.A.
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Senior Managing Agent
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Compass Bank
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Senior Managing Agent
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PNC Bank, N.A.
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Senior Managing Agent
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Scotiabanc Inc.
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Senior Managing Agent
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Sovereign Bank
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Senior Managing Agent
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TD Bank, N.A.
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Senior Managing Agent
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Branch Banking and Trust Company
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Co-Agent
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Union Bank, N.A.
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Co-Agent
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Comerica Bank
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Participant
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Sumitomo Mitsui Banking Corporation
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Participant
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Citibank, N.A.
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Participant
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Morgan Stanley Senior Funding, Inc.
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Participant
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RBS Citizens, N.A.
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Participant
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UBS Loan Finance LLC
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Participant
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Government Properties Income Trust is a real estate investment trust, or
REIT, which owns properties leased primarily to the U.S. Government and
state governments located throughout the United States. GOV is
headquartered in Newton, MA.
WARNING CONCERNING FORWARD LOOKING STATEMENTS
CERTAIN STATEMENTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD LOOKING
STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995 AND FEDERAL SECURITIES LAWS. THESE INCLUDE STATEMENTS
REGARDING (1) FUTURE AVAILABILITY OF BORROWINGS UNDER OUR NEW REVOLVING
CREDIT FACILITY, (2) A FEATURE UNDER WHICH GOV MAY EXPAND THE MAXIMUM
AVAILABILITY UNDER THE CREDIT FACILITY, AND (3) THE INTEREST PAID ON
DRAWINGS UNDER THE CREDIT FACILITY. ACTUAL RESULTS MAY DIFFER MATERIALLY
FROM THOSE CONTAINED IN OR IMPLIED BY THESE FORWARD LOOKING STATEMENTS
AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE:
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CONTINUED AVAILABILITY OF BORROWINGS UNDER THE CREDIT FACILITY IS
SUBJECT TO GOV'S SATISFYING CERTAIN FINANCIAL COVENANTS AND MEETING
OTHER CUSTOMARY CONDITIONS.
-
INCREASING THE MAXIMUM BORROWINGS UNDER THE CREDIT FACILITY IS SUBJECT
TO OBTAINING ADDITIONAL COMMITMENTS FROM LENDERS, WHICH COULD BE
IMPACTED BY CHANGES IN OUR FINANCIAL CONDITION, THE ECONOMY OR THE
CAPITAL MARKETS.
-
ACTUAL ANNUAL COSTS UNDER THE CREDIT FACILITY WILL BE HIGHER THAN
LIBOR PLUS A PREMIUM ON DRAWINGS BECAUSE OF OTHER FEES AND EXPENSES
ASSOCIATED WITH THE CREDIT FACILITY.
SOME OF THESE FACTORS ARE BEYOND GOV'S CONTROL. FORWARD LOOKING
STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. YOU SHOULD NOT
PLACE UNDUE RELIANCE UPON GOV'S FORWARD LOOKING STATEMENTS. EXCEPT AS
MAY BE REQUIRED BY LAW, GOV DOES NOT INTEND TO UPDATE OR CHANGE ANY
FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS
OR OTHERWISE.
A Maryland Real Estate Investment Trust with transferable shares of
beneficial interest listed on the New York Stock Exchange. No
shareholder, Trustee or officer is personally liable for any act or
obligation of the Trust.
SOURCE: Government Properties Income Trust
Government Properties Income Trust
Timothy A. Bonang, 617-219-1410
Vice President, Investor Relations
or
Elisabeth A. Heiss, 617-219-1410
Manager, Investor Relations
www.govreit.com