CoreSite Realty Corporation Announces Expansion of Credit Facility to $225 Million
CoreSite Realty Corporation (NYSE: COR) today announced that its operating partnership, CoreSite, L.P., has closed on an amendment to its revolving credit facility with its existing lender group, which includes KeyBanc Capital Markets and RBC Capital Markets as Joint Lead Arrangers, Bank of America, N.A., Citibank, N.A. and Credit Suisse. Regions Bank, which served as Documentation Agent, has joined CoreSite's existing lender group through the amendment. The amendment increases the capacity of the facility, extends the maturity, and significantly improves the interest rate for borrowings.
The credit facility has been increased by $115 million to $225 million, with an accordion feature that can increase the size of the facility by an additional $175 million to $400 million. Upon execution, the facility has a three-year term with the option to extend for an additional one year, providing a new four-year term. CoreSite intends to use the new facility primarily to fund expansion and redevelopment projects.
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