PS Business Parks extends due date of $250 million term loan to 2015

By Marisa Wong

Madison, Wis., Jan. 6 - PS Business Parks, LP amended its $250 million term loan on Dec. 29, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The amendment extends the maturity date of the term loan by one year to Dec. 31, 2015.

The extension is contingent on payment of an extension fee equal to 0.1% of the outstanding loan balance and the satisfaction of certain other conditions.

As previously announced, the company entered into the term loan on Dec. 20 in connection with an acquisition.

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

Wells Fargo Bank, NA is the administrative agent for the term loan.

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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