BioMed Realty Trust gets new $400 million senior term loan due 2017

By Marisa Wong

Madison, Wis., April 3 - BioMed Realty Trust, Inc. said it closed on a new $400 million senior term loan facility due March 30, 2017.

Interest is currently set at Libor plus 165 basis points, subject to adjustments based on BioMed's credit ratings.

Concurrent with the closing of the term loan, the company entered into interest rate swap agreements that fix the interest rate on $200 million of the $400 million outstanding under the term loan at 2.81% for five years, subject to adjustments based on credit ratings.

The company used proceeds from the new facility to repay a portion of its line of credit and for other general corporate and working capital purposes.

"We are very pleased with the execution achieved on our new term loan facility," said Greg Lubushkin, BioMed's chief financial officer, in a press release.

"We were able to price at a spread inside the fully drawn rate on our revolver and then fix interest rate payments on $200 million at a very attractive 2.81% for five years. This facility demonstrates the tremendous flexibility in our capital stack and our ability to consistently access capital from a wide variety of sources, as well as the sustained support of our lending partners."

KeyBank NA is the administrative agent and co-lead arranger for the new facility. Wells Fargo Securities, LLC is co-lead arranger, and Wells Fargo Bank NA is co-syndication agent. U.S. Bank NA acted as co-syndication agent and co-lead arranger.

BioMed Realty is a San Diego-based real estate investment trust focused on providing real estate to the life science industry.

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