NEWTON, Mass.--(BUSINESS WIRE)--
Government Properties Income Trust (NYSE: GOV) today announced that it
has amended and increased its existing $500 million unsecured revolving
credit facility to $550 million.
Prior to the amendment, GOV's credit facility had a maturity date of
October 28, 2013 and interest paid on drawings was LIBOR plus 210 basis
points, subject to adjustments based on changes to GOV's credit ratings.
The maturity date of the amended credit facility is extended to October
18, 2015 and interest paid on drawings is reduced to LIBOR plus 150
basis points, subject to adjustments based on changes to GOV's credit
ratings.
The amended credit facility includes a borrower's option to extend the
facility for one year to October 18, 2016. In addition, the amended
facility also includes a feature under which maximum borrowing may be
increased up to $1.1 billion in certain circumstances.
Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith
Incorporated served as Joint Lead Arrangers for the amended credit
facility. Banks participating in the amended credit 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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Lead Arranger/Administrative Agent
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Bank of America, N.A.
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Lead Arranger/Syndication Agent
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U.S. Bank National Association
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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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BBVA Compass Bank
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Senior Managing Agent
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PNC Bank, National Association
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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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Capital One, N.A.
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Managing Agent
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Union Bank, N.A.
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Managing Agent
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BB&T Capital Markets
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Managing Agent
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Comerica Bank
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Lender
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Sumitomo Mitsui Banking Corporation
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Lender
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Citibank, N.A.
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Lender
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Morgan Stanley Bank, N.A.
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Lender
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RBS Citizens, N.A.
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Lender
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UBS Loan Finance LLC
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Lender
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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.
WARNINGS CONCERNING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE INCLUDES FORWARD LOOKING STATEMENTS WITHIN THE
MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND
OTHER SECURITIES LAWS. THESE INCLUDE STATEMENTS REGARDING (1) FUTURE
AVAILABILITY OF BORROWINGS UNDER THE AMENDED CREDIT FACILITY, (2)
INTEREST PAID ON BORROWINGS UNDER THE AMENDED CREDIT FACILITY, AND (3) A
FEATURE UNDER WHICH GOV MAY EXPAND THE MAXIMUM AVAILABILITY UNDER THE
AMENDED 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 AMENDED CREDIT FACILITY
IS SUBJECT TO GOV'S SATISFYING CERTAIN FINANCIAL COVENANTS AND MEETING
OTHER CUSTOMARY CONDITIONS.
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ACTUAL ANNUAL COSTS UNDER THE AMENDED CREDIT FACILITY WILL BE HIGHER
THAN LIBOR PLUS A PREMIUM ON DRAWINGS BECAUSE OF OTHER FEES AND
EXPENSES ASSOCIATED WITH THE FACILITY.
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INCREASING THE MAXIMUM BORROWINGS UNDER THE AMENDED 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.
SOME OF THESE FACTORS ARE BEYOND GOV'S CONTROL. FORWARD LOOKING
STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. FOR THE
FOREGOING REASONS, AMONG OTHERS, INVESTORS ARE CAUTIONED NOT TO PLACE
UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS. EXCEPT AS 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.
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
Source: Government Properties Income Trust
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