CoreSite Announces Amended and Expanded $500 Million Credit Facility
June 25 2015 - 4:05PM
Business Wire
Increases total liquidity to support growth
initiatives
CoreSite Realty Corporation (NYSE:COR), a premier provider of
secure, reliable, high-performance data center solutions across the
US, today announced that it has entered into an amended and
expanded $500 million senior unsecured credit facility.
The credit facility, consisting of a $350 million revolving
credit facility and a $150 million term loan, extends CoreSite’s
debt maturity profile and increases total debt capacity. The
revolving credit facility has a four-year primary term, expiring in
June 2019, with a one-year extension option, while the term loan
has a five-year term maturing in June 2020. The term loan bears
interest at a variable rate, and CoreSite elected to swap the
variable interest rate associated with $75 million, or 50% of the
principal amount of the term loan facility, to a fixed rate of
approximately 2.95%. Net proceeds from the term loan will be used
to partially pay down the current revolving credit facility
balance.
KeyBank National Association served as administrative agent, and
KeyBanc Capital Markets, RBC Capital Markets LLC, Regions Capital
Markets and TD Securities (USA) LLC, all served as joint lead
arrangers and joint book managers.
“The $500 million credit facility allows us to increase our
overall liquidity, decrease our cost of borrowing, and maintain
both financial flexibility and a balance between fixed and
variable-priced instruments in our capital structure," said Jeff
Finnin, CoreSite’s Chief Financial Officer. "When combined with our
strong cash flows and balance sheet, the credit facility supports
our future growth and development initiatives. We would like to
thank our lending institutions for their continued support of
CoreSite."
About CoreSite
CoreSite Realty Corporation (NYSE:COR) delivers secure,
reliable, high-performance data center solutions across eight key
North American markets. More than 800 of the world’s leading
enterprises, network operators, cloud providers, and supporting
service providers choose CoreSite to connect, protect and optimize
their performance-sensitive data, applications and computing
workloads. Our scalable, flexible solutions and 350+ dedicated
employees consistently deliver unmatched data center options -- all
of which leads to a best-in-class customer experience and lasting
relationships. For more information, visit www.CoreSite.com.
Forward Looking
Statements
This press release may contain forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements relate to expectations, beliefs, projections, future
plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. In
some cases, you can identify forward-looking statements by the use
of forward-looking terminology such as "believes," "expects,"
"may," "will," "should," "seeks," "approximately," "intends,"
"plans," "pro forma," "estimates" or "anticipates" or the negative
of these words and phrases or similar words or phrases that are
predictions of or indicate future events or trends and that do not
relate solely to historical matters. Forward-looking statements
involve known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond CoreSite's control, which
may cause actual results to differ significantly from those
expressed in any forward-looking statement. These risks include,
without limitation: the geographic concentration of CoreSite's data
centers in certain markets and any adverse developments in local
economic conditions or the demand for data center space in these
markets; fluctuations in interest rates and increased operating
costs; difficulties in identifying properties to acquire and
completing acquisitions; significant industry competition;
CoreSite's failure to obtain necessary outside financing;
CoreSite's failure to qualify or maintain its status as a REIT;
financial market fluctuations; changes in real estate and zoning
laws and increases in real property tax rates; and other factors
affecting the real estate industry generally. All forward-looking
statements reflect CoreSite's good faith beliefs, assumptions and
expectations, but they are not guarantees of future performance.
Furthermore, CoreSite disclaims any obligation to publicly update
or revise any forward-looking statement to reflect changes in
underlying assumptions or factors, of new information, data or
methods, future events or other changes. For a further discussion
of these and other factors that could cause CoreSite's future
results to differ materially from any forward-looking statements,
see the section entitled "Risk Factors" in CoreSite's most recent
annual report on Form 10-K, and other risks described in documents
subsequently filed by CoreSite from time to time with the
Securities and Exchange Commission.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150625006142/en/
CoreSite Investor Relations ContactGreer Aviv | CoreSite
Investor Relations Director+1 303.405.1012 | +1
303.222.7276Greer.Aviv@CoreSite.com
Cencora (NYSE:COR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cencora (NYSE:COR)
Historical Stock Chart
From Jul 2023 to Jul 2024