ORLANDO, Fla., June 12, 2013 /PRNewswire/ -- Parkway Properties, Inc. (NYSE:PKY) announced today that it has closed a $120 million unsecured term loan. The term loan has a maturity date of June 11, 2018, and has an accordion feature that allows for an increase in the size of the term loan to as much as $250 million. Interest on the term loan is based on LIBOR plus an applicable margin, initially 1.45%. Parkway has also executed a floating-to-fixed interest rate swap totaling $120 million, locking LIBOR at 1.61% for five years and resulting in an initial all-in interest rate of 3.06%. The term loan will have substantially the same operating and financial covenants as required by the Company's current unsecured revolving credit facility. Wells Fargo Bank funded the entire amount of the term loan.
Parkway Properties, Inc. is a fully integrated, self-administered and self-managed real estate investment trust specializing in the acquisition, ownership and management of quality office properties in higher growth submarkets in the Sunbelt region of the United States. Parkway owns or has an interest in 45 office properties located in eight states with an aggregate of approximately 13.0 million square feet at April 1, 2013. Parkway also offers fee-based real estate services which manage and/or lease approximately 11.8 million square feet for third parties as of April 1, 2013. Additional information about Parkway is available on the Company's website at www.pky.com.
Contact: Thomas E. Blalock Vice President of Investor Relations (407) 650-0593