PS Business Parks gets new $250 million term loan, amends revolver

By Marisa Wong

Madison, Wis., Dec. 22 - PS Business Parks, LP entered into a credit agreement on Dec. 20 with Wells Fargo Bank, NA as administrative agent for a new $250 million three-year term loan, according to an 8-K filed Thursday with the Securities and Exchange Commission.

Interest will equal Libor plus a spread, based on the company's credit ratings. The initial spread is 120 basis points.

The company also entered into a seventh amendment to its amended and restated revolving credit agreement dated Oct. 29, 2002 on Dec. 20.

The amendment conforms a number of provisions in the old credit agreement to the terms in the new term loan agreement and provides that an event of default under the term loan is equivalent to an event of default under the revolver.

The amendment also simplifies the process of adding new properties to the unencumbered asset pool for the old credit agreement.

Wells Fargo Bank, NA is the administrative agent for the new term loan and the amended revolver.

PS Business Parks, LP is an affiliate of PS Business Parks, Inc., which is a Glendale, Calif.-based real estate investment trust for commercial properties.

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