BioMed Realty (BMR) Closes $400M Unsecured Senior Notes Offering
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BioMed Realty Trust, Inc. (NYSE: BMR) announced today that the company has closed a new $400 million senior unsecured term loan facility. The new facility matures on March 30, 2017. The interest rate paid on drawings under the new facility is currently set at LIBOR plus 1.65%, subject to adjustments based on BioMed's credit ratings. The company used the proceeds from this new facility to repay a portion of the outstanding indebtedness under its unsecured line of credit and for other general corporate and working capital purposes.
Concurrent with the closing of the unsecured term loan, the company entered into interest rate swap agreements that effectively fix the interest rate on $200 million of the $400 million outstanding under the term loan credit facility at 2.81% for five years, subject to adjustments based on BioMed's credit ratings.
Concurrent with the closing of the unsecured term loan, the company entered into interest rate swap agreements that effectively fix the interest rate on $200 million of the $400 million outstanding under the term loan credit facility at 2.81% for five years, subject to adjustments based on BioMed's credit ratings.
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