SANTA MONICA, Calif., April 15, 2015 /PRNewswire/ -- Douglas Emmett, Inc. (NYSE:DEI), a real estate investment trust (REIT), announced that it has closed a secured, non-recourse $340 million term loan that will mature in April 2022. The loan bears interest at a floating rate of Libor plus 1.40% that has been effectively fixed at 2.77% per annum until April 2020 through an interest rate swap. No principal payments are due until the loan matures in April 2022. The new loan is secured by a pool of six Douglas Emmett's office properties.
Douglas Emmett is using approximately $183 million of the proceeds to pay off the entire outstanding balance on its revolving credit facility and another $140 million to prepay a portion of its existing $400M loan due October 2, 2017. As previously announced, during 2015 Douglas Emmett intends to refinance the entirety of that existing $400 million loan.
About Douglas Emmett, Inc.
Douglas Emmett, Inc. (DEI) is a fully integrated, self-administered and self-managed real estate investment trust (REIT), and one of the largest owners and operators of high-quality office and multifamily properties located in the premier coastal submarkets of Los Angeles and Honolulu. Douglas Emmett focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. For more information about Douglas Emmett, please visit our website at www.douglasemmett.com.
Safe Harbor Statement
Except for the historical facts, the statements in this press release regarding Douglas Emmett's business activities are forward-looking statements based on the beliefs of, assumptions made by, and information currently available to us about known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences may be material. Accordingly, investors should use caution in relying on forward-looking statements to anticipate future results or trends. For a discussion of some of the risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission.
Stuart McElhinney, Vice President – Investor Relations
310.255.7751 [email protected]
SOURCE Douglas Emmett, Inc.