RADNOR, Pa., May 21, 2015 /PRNewswire/ -- Brandywine Realty Trust (NYSE: BDN) announced today that effective May 15, 2015 it has entered into a $600 million four-year unsecured revolving credit facility. The new facility replaces the Company's existing $600 million unsecured revolving credit facility that was scheduled to mature on February 1, 2016.
The Company's borrowing rate for the new unsecured revolving credit facility is based on a spread over the London Interbank Offering Rate ("LIBOR") equal to 120 basis points based on the Company's current investment grade rating, a 30 basis point improvement as compared to the previous credit facility. The Company may extend the maturity date of the unsecured revolving credit facility for two additional six- month periods. The covenant calculations, terms and conditions in the new unsecured revolving credit facility reflect current conventions and generally provide enhanced flexibility for the Company.
The unsecured revolving credit facility was arranged jointly by Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets Inc. with Bank of America, N.A. serving as Administrative Agent, Citibank, N.A. serving as Syndication Agent, and Citizens Bank, N.A., PNC Bank, National Association, Royal Bank of Canada, and The Bank of New York Mellon serving as Co-Documentation Agents.
About Brandywine Realty Trust
Brandywine Realty Trust is one of the largest, publicly traded, full-service, integrated real estate companies in the United States. Organized as a real estate investment trust and operating in select markets, Brandywine owns, leases and manages an urban, town center and transit-oriented office portfolio comprising 280 properties and 33.4 million square feet as of March 31, 2015. For more information, please visit www.brandywinerealty.com.
Certain statements in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of the Company and its affiliates or industry results to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors relate to, among others, the Company's ability to lease vacant space and to renew or relet space under expiring leases at expected levels, the potential loss of major tenants, interest rate levels, the availability and terms of debt and equity financing, competition with other real estate companies for tenants and acquisitions, risks of real estate acquisitions, dispositions and developments, including cost overruns and construction delays, unanticipated operating costs and the effects of general and local economic and real estate conditions. Additional information or factors which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2014. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
SOURCE Brandywine Realty Trust