Peakstone Realty Trust Amends and Extends Credit Facility
July 29, 2024
Source: Businesswire
EL SEGUNDO, Calif.--(BUSINESS WIRE)--Peakstone Realty Trust (the "Company") (NYSE: PKST), a real estate investment trust that owns and operates a high-quality, newer-vintage portfolio of predominantly single-tenant industrial and office properties, today announced the successful closing of an amended and extended $907 million unsecured credit facility, underscoring the strength of its balance sheet and high-quality portfolio.
Key highlights of the amended facility include:
- Size/Term: $907 million unsecured credit facility comprised of a $547 million revolver (extended maturity to July 2028), a $210 million term loan (extended maturity to July 2028), and a $150 million term loan (unchanged maturity in April 2026).
- Interest Rate: 3.67% weighted average effective rate inclusive of current floating to fixed SOFR interest rate swaps covering the entire outstanding balance (i.e., $750 million).
“With the closing of this amendment, we have significantly extended our debt maturity profile and enhanced our financial flexibility. We are well positioned for future growth opportunities,” said Javier Bitar, CFO. “We appreciate the support of our bank group and their confidence in our business plan and operational capability to execute on strategic opportunities in the market.”
The joint lead arrangers and joint bookrunners for the facility were KeyBank, National Association, BofA Securities, Inc., Wells Fargo Securities, LLC, Truist Securities, and Fifth Third Bank, National Association. Regions Bank, Goldman Sachs, and U.S. Bank National Association are also participants in the facility.
About Peakstone Realty Trust
Peakstone Realty Trust (NYSE: PKST) is an internally managed real estate investment trust (REIT) that owns and operates a high-quality, newer-vintage portfolio of predominantly single-tenant industrial and office properties. These assets are generally leased to creditworthy tenants under long-term net lease agreements with contractual rent escalations and are situated in primarily high-growth, strategic coastal and sunbelt markets.
Additional information is available at www.pkst.com.
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