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Easterly Government Properties has completed a USD 200 million five-year term loan facility as part of its capital management strategy. The facility includes an accordion feature that allows it to be expanded to USD 250 million if required. The proceeds will primarily be used to repay borrowings under the company's existing USD 400 million revolving credit facility, while the remaining funds will support general corporate purposes. The refinancing is expected to strengthen the company's financial flexibility and optimise its debt structure over the coming years.
Easterly Government Properties has closed a five-year USD 200 million term loan facility to strengthen its capital structure and improve financial flexibility. The loan facility includes an accordion feature that allows the borrowing capacity to be increased to USD 250 million, subject to certain conditions and lender approval.
The company said the term loan will mature in June 2031. Funds raised through the facility will primarily be used to repay outstanding borrowings under its existing USD 400 million revolving credit facility. The remaining proceeds will be allocated towards general corporate purposes.
The refinancing is part of Easterly Government Properties' ongoing efforts to actively manage its debt profile and liquidity. The real estate investment trust (REIT), which focuses on owning and operating properties leased primarily to agencies of the U.S. government, has regularly used a mix of revolving credit facilities and long-term financing to support acquisitions, portfolio management and balance sheet requirements.
The new term loan is expected to provide greater certainty over funding by replacing a portion of shorter-term borrowings with longer-term debt while maintaining access to additional capital through the expandable feature.
Source Reuters
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