Published on November 9, 2009 at 9:05 AM
BioMed Realty Trust, Inc. (NYSE: BMR) announced today that the company has received commitments from lenders to increase the borrowing capacity on its unsecured line of credit by $65 million to an aggregate of $665 million, with no other changes to the terms of the facility. The weighted-average effective interest rate of the unsecured line of credit was 1.35% as of September 30, 2009. The maturity date remains August 1, 2011, which may be extended to August 1, 2012 after satisfying certain conditions and paying an extension fee.
"We are very pleased with the sustained support we have received from our team of lenders and their commitment to increasing the availability under our unsecured line of credit," said Kent Griffin, BioMed's President and Chief Financial Officer. "Since inception, BioMed has consistently worked proactively and aggressively in successfully managing our balance sheet to maximize financial flexibility. We expect this additional borrowing capacity to contribute to our ongoing success as we continue to execute on our business plan, and this expansion puts us in an even stronger position to take advantage of future growth opportunities."
The increase in borrowing capacity under the company's unsecured line of credit is subject to the execution of definitive agreements and the satisfaction of closing conditions, and the company can offer no assurances that the transaction will close with the commitments as described above, or at all.
SOURCE BioMed Realty Trust, Inc.