Amended Credit Facilities Give Washington REIT Access To More Liquidity

Arlington Tower, one of Washington REIT’s holdings.

WASHINGTON, DC–Washington REIT’s has expanded its credit profile and access to liquidity with an amended $700 million unsecured revolving credit facility. It has also refinanced an existing $150 million seven-year unsecured term loan with a $250 million five-year unsecured term loan. The expanded credit facility has improved financial covenants that will provide the REIT with greater flexibility, according to a prepared statement by CFO Stephen E. Riffee.

The revolving credit facility will have a four-year term ending on March 29, 2022, with two six-month extension options. It extends Washington REIT’s existing $600 million revolving credit facility that was set to expire on June 22, 2019. The interest rate under the revolving credit facility will be based upon a spread over LIBOR.