Washington Real Estate Investment Trust Amends and Extends Credit Facility
Washington Real Estate Investment Trust (NYSE: WRE) has amended one of its two unsecured credit facilities, to extend the maturity from July 1, 2014 to July 1, 2016, with a one-year extension option. In addition, the amendment lowers the interest rate to LIBOR plus a margin of 107.5 basis points (previously 122.5 basis points) based on WRIT's current credit rating and eliminates the requirement for guarantees from WRIT's subsidiaries under certain circumstances. The facility retains its initial committed capacity of $400 million with an accordion feature that allows WRIT to increase the facility to $600 million, subject to additional lender commitments.
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