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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Government Properties Income Trust of Beneficial Interest (delisted) | NASDAQ:GOV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.87 | 6.87 | 6.95 | 0 | 01:00:00 |
Government Properties Income Trust (Nasdaq: GOV) today announced that it has amended and restated the credit agreement for its existing $750 million unsecured revolving credit facility.
Prior to the amendment, GOV’s revolving credit facility had a maturity date of January 31, 2019, and required interest on drawings at LIBOR plus 125 basis points, subject to adjustments based on changes to GOV’s credit ratings. The maturity date of the amended revolving credit facility has been extended to January 31, 2023, and includes a borrower’s option to further extend the facility for two additional six-month periods in return for payment of a fee and provided certain conditions are met. Interest on drawings under the amended revolving credit facility have also been reduced to LIBOR plus 110 basis points, subject to adjustments based on changes to GOV’s credit ratings. In addition, the amended credit agreement includes a feature under which, in certain circumstances, the aggregate revolving credit facility commitments and borrowings in conjunction with outstanding principal associated with term loans may be increased to up to $2.5 billion.
The amended revolving credit facility will also remain in place following GOV’s pending merger with Select Income REIT (Nasdaq: SIR).
Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Inc. and Citigroup Global Markets Inc. acted as Joint Lead Arrangers for the amended credit facility. Banks participating in the amended credit facility are as follows:
Name of Institution
Facility Title
Wells Fargo Bank, N.A. Administrative Agent Bank of America, N.A. Co-Syndication Agent Citibank, N.A. Co-Syndication Agent Mizuho Bank, Ltd. Co-Documentation Agent PNC Bank, N.A. Co-Documentation Agent Royal Bank of Canada Co-Documentation Agent Regions Bank Co-Documentation Agent Sumitomo Mitsui Banking Corp Co-Documentation Agent U.S. Bank, N.A. Co-Documentation Agent BMO Harris Bank N.A. Lender Branch Banking and Trust Company Lender Associated Bank, National Association Lender Berkshire Bank Lender First Hawaiian Bank National Association Lender First Tennessee Bank Lender Barclays Bank PLC Lender Morgan Stanley Bank, N.A. Lender UBS AG, Stamford Branch Lender E.Sun Commercial Bank, Ltd. LenderGovernment Properties Income Trust is a real estate investment trust, or REIT, which primarily owns properties located throughout the United States that are majority leased to government tenants and office properties in the metropolitan Washington, D.C. market area that are leased to government and private sector tenants. GOV is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, MA.
WARNING CONCERNING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER GOV USES WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”, “INTEND”, “PLAN”, “ESTIMATE”, "WILL", “MAY” AND NEGATIVES OR DERIVATIVES OF THESE OR SIMILAR EXPRESSIONS, GOV IS MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON GOV’S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY GOV’S FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS.
THE INFORMATION CONTAINED IN GOV’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER THE CAPTION “RISK FACTORS” IN GOV’S PERIODIC REPORTS, OR INCORPORATED BY REFERENCE THEREIN, IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE GOV’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE STATED IN OR IMPLIED BY GOV’S FORWARD LOOKING STATEMENTS. GOV’S FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC’S WEBSITE AT WWW.SEC.GOV.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.
EXCEPT AS REQUIRED BY LAW, GOV DOES NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181213005880/en/
Brad Shepherd, Senior Director, Investor Relations(617) 796-8234
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