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Alexandria Real Estate lines up $3 billion revolver due in 2026
By Wendy Van Sickle
Columbus, Ohio, Oct. 1 – Alexandria Real Estate Equities, Inc. entered into escrow agreements on Sept. 25 to replace its 2018 credit agreement with a new $3 billion revolving credit facility, subject to the satisfaction of some conditions by Oct. 31, according to an 8-K filing with the Securities and Exchange Commission.
Citibank, NA, BofA Securities, Inc., JPMorgan Chase Bank, NA, Goldman Sachs Bank USA and RBC Capital Markets will be bookrunnners and will be joint lead arrangers along with Bank of Nova Scotia, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corp. and U.S. Bank NA. Citibank will be the administrative agent.
There will be an accordion option to increase commitments by up to an additional $500 million.
Borrowings will bear interest at Libor plus a margin expected to initially be 82.5 basis points.
The revolver will be extended to Jan. 6, 2026, with two additional six-month extension options.
Alexandria is a Pasadena, Calif.-based owner and operator of real estate and technical infrastructure for the life science industry.
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