Loan & DebtJun 30, 2026, 08:33 AM
Easterly Government Properties Secures $200M Term Loan
AI Summary
Easterly Government Properties, Inc. announced the closing of a new five-year $200 million senior unsecured term loan facility. This facility includes an accordion feature allowing for an additional $50 million, bringing the total potential facility size to $250 million, and matures in June 2031. The company intends to use the net proceeds to repay outstanding borrowings under its $400 million revolving credit facility and for general corporate purposes, enhancing its liquidity profile and supporting future growth initiatives. Additionally, an eleventh amendment was made to the existing 2016 Term Loan Agreement to remove the credit spread adjustment for SOFR-based borrowings.
Key Highlights
- Secured a new $200 million senior unsecured term loan facility.
- Includes an accordion feature for an additional $50 million, increasing total capacity to $250 million.
- The new term loan matures in June 2031, providing a five-year term.
- Proceeds will be used to repay borrowings under the $400 million revolving credit facility and for general corporate purposes.
- Initial interest spread to SOFR for the new loan is set at 1.30%.
- Eleventh amendment made to the 2016 Term Loan Agreement, removing the SOFR credit spread adjustment.
Price Impact
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