BioMed Realty Trust Completes $400 Million Senior Unsecured Term Loan Financing
Date : 04/03/2012 @ 4:33PM
Source : PR Newswire
Stock : Biomed (BMR)
Quote : 18.71 -0.1 (-0.53%) @ 9:37AM
Today : Wednesday 4 April 2012
BioMed Realty Trust, Inc. (NYSE: BMR) announced today that the company has closed a new $400 million senior unsecured term loan facility. The new facility matures on March 30, 2017. The interest rate paid on drawings under the new facility is currently set at LIBOR plus 1.65%, subject to adjustments based on BioMed's credit ratings. The company used the proceeds from this new facility to repay a portion of the outstanding indebtedness under its unsecured line of credit and for other general corporate and working capital purposes.
Concurrent with the closing of the unsecured term loan, the company entered into interest rate swap agreements that effectively fix the interest rate on $200 million of the $400 million outstanding under the term loan credit facility at 2.81% for five years, subject to adjustments based on BioMed's credit ratings.
Greg Lubushkin, BioMed's Chief Financial Officer, noted, "We are very pleased with the execution achieved on our new term loan facility. 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 National Association served as Administrative Agent and Co-Lead Arranger for the new facility. Wells Fargo Securities, LLC served as Co-Lead Arranger and Wells Fargo Bank National Association served as Co-Syndication Agent. U.S. Bank National Association served as Co-Syndication Agent and Co-Lead Arranger.
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry®. The company's tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed Realty owns or has interests in properties comprising approximately 12.6 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Francisco, San Diego, Maryland, New York/New Jersey, Pennsylvania and Seattle, which have well-established reputations as centers for scientific research. Additional information is available at www.biomedrealty.com.
