Additionally, the new instrument has flexibility attached to it; it features an option for a one-year extension, as well as the possibility for doubling the amount of the facility to $150 million. KeyBanc Capital Markets acted as both lead arranger and book manager on the deal, while KeyBank National Association took on the role of managing administrative agent; Wells Fargo National Bank served as syndication agent.
"Our new unsecured facility with Key Bank and Wells Fargo adds financing flexibility as we continue to execute our business plan," First Potomac CFO Barry Bass explains. "Increasing the size of the line to $75 million and adding Wells Fargo to our lending group will serve us well as we continue to grow."
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