Colombia’s Corporate Office Properties Trust (COPT) has secured a credit facility worth $1.4 billion. The loan amount comprises a $1 billion credit line that will mature on Sept. 1, 2014, and a $400 million term loan that will be due in 2015.
The $1 billion loan will replace an existing $800 million credit line of the specialty office real estate investment trust (REIT), which was due to mature Sept 30, 2011. The $400 million loan will replace a $225 million revolving construction facility, which was to expire in May 2012. JP Morgan Securities and KeyBanc Capital Markets acted as joint lead arrangers and joint book-runners for the deal.
Click here for the release from Business Wire.