Corporate Office gets $800 million loan at Libor plus 110 bps

By Susanna Moon

Chicago, Oct. 11 – Corporate Office Properties Trust said its Corporate Office Properties, LP operating partnership obtained a new $800 million five-year line of credit agreement.

Interest on the loans is initially Libor plus 110 basis points, with a spread than can range from Libor plus 77.5 bps to 145 bps.

JPMorgan Chase Bank, NA and KeyBanc Capital Markets, Inc. are the joint bookrunners. JPMorgan Chase Bank, KeyBanc Capital Markets, Barclays Bank plc, Citibank, NA, Bank of America Merrill Lynch and Wells Fargo Bank, NA are the joint lead arrangers.

The new credit facility has a maturity date of March 10, 2023 and includes two six-month extension options, according to a press release.

The new credit facility replaces the company’s $800 million line of credit that was set to mature in May 2019.

Corporate Office Properties is a Columbia, Md.-based real estate investment trust.

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