Government PIT (GOV) Closes $350M Unsecured Term Loan
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Government Properties Income Trust (NYSE: GOV) has closed a new five year $350 million unsecured term loan.
The loan matures on January 11, 2017, and is prepayable without penalty at any time. Terms of the new loan include interest at LIBOR plus 175 basis points, subject to adjustments based on changes to GOV’s credit ratings. GOV expects to use the net proceeds of the term loan to repay amounts outstanding under its $550 million revolving credit facility and fund general business activities, including possible future acquisitions.
The loan matures on January 11, 2017, and is prepayable without penalty at any time. Terms of the new loan include interest at LIBOR plus 175 basis points, subject to adjustments based on changes to GOV’s credit ratings. GOV expects to use the net proceeds of the term loan to repay amounts outstanding under its $550 million revolving credit facility and fund general business activities, including possible future acquisitions.
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