ORLANDO, Fla., June 29, 2015 /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced today that it has closed a $200 million unsecured term loan. The term loan has a maturity date of June 26, 2020, and has an accordion feature that allows for an increase in the size of the term loan to as much as $400 million. Interest on the term loan is based on LIBOR plus an applicable margin, initially 1.35%. 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 Securities, LLC and PNC Capital Markets LLC acted as Joint Lead Arrangers and Joint Bookrunners on the term loan. In addition, Wells Fargo Bank, National Association acted as Administrative Agent; PNC Bank, National Association acted as Syndication Agent; and TD Bank, N.A. and U.S. Bank National Association acted as Documentation Agents. Other participating lenders include Bank of America, N.A., JPMorgan Chase Bank, N.A., KeyBank National Association, Raymond James Bank, N.A. and Trustmark National Bank.
About Parkway Properties
Parkway Properties, Inc. is a fully integrated, self-administered and self-managed real estate investment trust specializing in the acquisition, ownership, development 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 50 office properties located in seven states with an aggregate of approximately 17.1 million square feet of leasable space at April 1, 2015. Fee-based real estate services are offered through wholly owned subsidiaries of the Company, which in total manage and/or lease approximately 4.3 million square feet for third-party owners at April 1, 2015.
Director of Investor Relations
SOURCE Parkway Properties, Inc.