Franklin Street Closes Major Credit Facility Expansion
ByOver the past week, Franklin Street Properties Corp. has completed a cluster of financial transactions, chief among which was recasting its existing unsecured credit facility into a $1 billion facility.
Among other changes, the company’s total availability under the revolving line of credit was increased from $500 million to $600 million, and the maturity date was extended from Oct. 29, 2018, to Jan. 12, 2022, with two optional six-month extensions. Although the principal amount of the term loan remained unchanged at $400 million, its maturity date was extended from Sept. 27, 2021, to Jan. 12, 2023. An accordion feature that allows for additional borrowing capacity under the revolving line of credit or the term loan was expanded from up to $350 million to up to $500 million…
