ATLANTA--(BUSINESS WIRE)--
Columbia Property Trust, Inc. (NYSE:CXP) announced today it has recast a
total of $950 million of unsecured debt with longer maturities and lower
borrowing costs, including its $500 million revolving credit facility
that originally matured in August 2017 and a $450 million term loan that
originally matured in February 2016.
The new $500 million unsecured revolving credit facility matures in July
2019 with two six-month extension options and bears interest at a rate
of 100 basis points over LIBOR based on current credit ratings. The new
$300 million unsecured term loan matures in July 2020 and bears interest
at 110 basis points over LIBOR. The new $150 million unsecured term loan
matures in July 2022 and bears interest at 155 basis points over LIBOR,
which the Company has fixed at 3.52% through an interest rate swap.
Columbia also disclosed it recently paid off the $105 million loan
secured by 100 E. Pratt in Baltimore that matured in June 2017, which
combined with today’s announcements and other debt repayments, extended
the Company’s weighted average debt maturities to six years and
maintained its fixed-rate debt above 80% as well as its unsecured debt
above 60% of total debt.
“We achieved strong execution, pricing and support for this financing
from the 14 lenders in this syndication,” said Jim Fleming, Executive
Vice President and Chief Financial Officer of Columbia Property Trust.
“With the benefit of our improved investment grade rating and continued
enhancements to our balance sheet, we were able to reduce our borrowing
costs, extend the weighted average maturity of our unsecured bank debt
by more than 40 months, and eliminate any significant debt maturities
until 2017.”
J.P. Morgan Securities LLC and PNC Capital Markets LLC served as joint
lead arrangers and joint bookrunners on both the revolving credit
facility and the $300 million term loan, with JPMorgan Chase Bank, N.A.
as administrative agent and PNC Bank, National Association as
syndication agent. Wells Fargo Securities LLC, U.S. Bank National
Association and Regions Capital Markets served as joint lead arrangers
and joint bookrunners on the $150 million term loan, with Wells Fargo
Bank, National Association as administrative agent and U.S. Bank
National Association and Regions Bank as co-syndication agents.
About Columbia Property Trust
Columbia Property Trust is a fully integrated real estate investment
trust that operates, manages, and acquires Class-A office buildings
concentrated in CBD locations, with approximately half of its portfolio,
as measured by annualized lease revenue, located in high-barrier primary
markets. As of July 1, 2015, Columbia owned 27 office properties and one
hotel, which included 40 buildings totaling 13.4 million square feet of
office space. For more information about Columbia Property Trust, please
visit www.ColumbiaPropertyTrust.com.
Forward-Looking Statements:
Certain statements contained in this press release other than
historical facts may be considered forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. We intend for all such
forward-looking statements to be covered by the applicable safe harbor
provisions for forward-looking statements contained in those acts. Such
statements include, in particular, statements about our plans,
strategies, and prospects and are subject to certain risks and
uncertainties, including known and unknown risks, which could cause
actual results to differ materially from those projected or anticipated.
Therefore, such statements are not intended to be a guarantee of our
performance in future periods. Such forward-looking statements can
generally be identified by our use of forward-looking terminology such
as "may," "will," "expect," "intend," "anticipate," "estimate,"
"believe," "continue," or other similar words. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak
only as of the date of this press release. We make no representations or
warranties (express or implied) about the accuracy of any such
forward-looking statements contained in this press release, and we do
not intend to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise.
Any such forward-looking statements are subject to risks,
uncertainties, and other factors and are based on a number of
assumptions involving judgments with respect to, among other things,
future economic, competitive, and market conditions, all of which are
difficult or impossible to predict accurately. To the extent that our
assumptions differ from actual conditions, our ability to accurately
anticipate results expressed in such forward-looking statements,
including our ability to generate positive cash flow from operations,
make distributions to stockholders, and maintain the value of our real
estate properties, may be significantly hindered. See Item 1A in the
Company's most recently filed Annual Report on Form 10-K for the year
ended December 31, 2014, for a discussion of some of the risks and
uncertainties that could cause actual results to differ materially from
those presented in our forward-looking statements. The risk factors
described in our Annual Report are not the only ones we face, but do
represent those risks and uncertainties that we believe are material to
us. Additional risks and uncertainties not currently known to us or that
we currently deem immaterial may also harm our business.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150730006681/en/
For Columbia Property Trust, Inc.
Tripp Sullivan, 615-760-1104
or
Jim
Fleming, 404-465-2200
IR@columbiapropertytrust.com
Source: Columbia Property Trust, Inc.