Finance Lending
Corporate Office Properties Closes $225M Revolving Construction Facility
May 5, 2008

Corporate Office Properties Trust has announced it closed on a $225 million construction loan facility that will be utilized to fund most of its construction costs over the next several years. The facility has a three year term with a one year extension option, and requires interest only payments throughout the term. The interest rate is based on a pricing grid that is dependent on the Company’s leverage, with the initial interest rate on the facility of Libor plus 160 basis points. The $225 million facility has an accordion feature that allows for a potential increase up to $325 million at a future date.The three lead banks on the transaction were KeyBank National Association, Bank of America, N.A. and Manufacturers and Traders Trust Company.

 
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