Business & Finance
Business and Finance
Business and Finance
Fri, December 17, 2010
Thu, December 16, 2010 CommonWealth REIT Closes $400 Million Unsecured Term Loan
NEWTON, Mass.--([ BUSINESS WIRE ])--CommonWealth REIT (NYSE: CWH) today announced the closing of a new five year $400 million unsecured term loan. The loan matures on December 15, 2015, and is prepayable, without penalty, beginning in December 2012. Terms of the new loan include interest at LIBOR plus 200 basis points, subject to adjustments based on changes to CWHa™s credit ratings. CWH expects to use the net proceeds of the term loan to repay amounts outstanding under its $750 million revolving credit facility and fund general business activities, including possible future acquisitions.
Wells Fargo Securities, LLC served as Sole Lead Arranger for the term loan, and banks participating in the new loan are as follows:
Name of Institution | Title | |||
| Wells Fargo Bank, N.A. | Administrative Agent | |||
| BBVA Compass | Syndication Agent | |||
| RBC Capital Markets | Syndication Agent | |||
| Regions Bank | Syndication Agent | |||
| PNC Bank | Managing Agent | |||
| Sovereign Bank | Managing Agent | |||
| Sumitomo Mitsui Banking Corporation | Managing Agent | |||
| Union Bank, N.A. | Managing Agent | |||
| US Bank | Managing Agent | |||
| Bank of Nova Scotia | Participant | |||
| BB&T Capital Markets | Participant | |||
| Capital One, N.A. | Participant | |||
| Comerica Bank | Participant | |||
| First Hawaiian Bank | Participant | |||
| Malayan Banking | Participant | |||
CommonWealth REIT is a nationwide office and industrial real estate investment trust, or REIT. As of September 30, 2010, CWH owned 519 properties with 66.5 million square feet located in over 60 markets in 33 states and Washington, DC. CWH is headquartered in Newton, Massachusetts.
WARNING CONCERNING FORWARD LOOKING STATEMENTS
CERTAIN STATEMENTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND FEDERAL SECURITIES LAWS. THESE INCLUDE STATEMENTS REGARDING THE INTEREST PAID UNDER THE TERM LOAN AND ITS INTENDED APPLICATION OF NET PROCEEDS. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY THESE FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS AND SOME OF THESE FACTORS ARE BEYOND CWH'S CONTROL. FORWARD LOOKING STATEMENTS AND THEIR IMPLICATIONS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. YOU SHOULD NOT PLACE UNDUE RELIANCE UPON CWHa™S FORWARD LOOKING STATEMENTS. EXCEPT AS MAY BE REQUIRED BY LAW, CWH DOES NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the New York Stock Exchange.No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
