CoreSite Realty Corporation Announces Expansion of Credit Facility to $225 Million
December 15 2011 - 4:59PM
Business Wire
CoreSite Realty Corporation (NYSE: COR), a U.S. provider of
powerful, network-rich data centers, today announced that its
operating partnership, CoreSite, L.P., has closed on an amendment
to its revolving credit facility with its existing lender group,
which includes KeyBanc Capital Markets and RBC Capital Markets as
Joint Lead Arrangers, Bank of America, N.A., Citibank, N.A. and
Credit Suisse. Regions Bank, which served as Documentation Agent,
has joined CoreSite’s existing lender group through the amendment.
The amendment increases the capacity of the facility, extends the
maturity, and significantly improves the interest rate for
borrowings.
The credit facility has been increased by $115 million to $225
million, with an accordion feature that can increase the size of
the facility by an additional $175 million to $400 million. Upon
execution, the facility has a three-year term with the option to
extend for an additional one year, providing a new four-year term.
CoreSite intends to use the new facility primarily to fund
expansion and redevelopment projects.
Borrowings will bear interest, at CoreSite’s election, at a rate
equal to LIBOR or a Base Rate plus a spread, which is determined by
a leverage-based pricing grid. LIBOR rate loans will bear interest
at LIBOR plus an applicable margin between 225 and 300 basis points
per year. Base rate loans will bear interest at a base rate plus an
applicable margin between 125 and 200 basis points per year.
CoreSite’s Chief Financial Officer, Jeff Finnin, stated, “We are
pleased with the amendment to our credit facility, which further
expands an important capital source and locks in favorable rates
during a time of overall volatility in the financial markets. The
increased amount and four years of term at lower rates are a
reflection of the strength of our balance sheet and our operating
model. With the support of our lender group, this amendment allows
us to fund our future development plans and enhance our current
portfolio on a more cost effective basis.”
About CoreSite
CoreSite Realty Corporation (NYSE: COR) is a national provider
of powerful, network-rich data centers, efficient interconnection
services, and global peering opportunities. More than 700 customers
such as Global 1000 enterprises, communications providers, cloud
and content companies, financial firms, media and entertainment,
healthcare, and Government agencies trust CoreSite to power, cool,
connect, and secure their mission-critical IT assets. CoreSite data
centers are catalysts for network growth, featuring established
industry ecosystems with access to 200+ carriers and service
providers resulting in more than 12,000 interconnections under
management. The company tailors its data center product to unique
customer requirements by way of a flexible offering that includes
cage-to-cabinet colocation, private data centers and suites, and a
responsive customer service and support infrastructure. CoreSite's
portfolio comprises more than two million square feet, including
space held for redevelopment and development, across 12 data
centers in seven key U.S. economic centers. 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 the Company’s control, that
may cause actual results to differ significantly from those
expressed in any forward-looking statement. These risks include,
without limitation: the timely completion of planed construction,
geographic concentration of the Company’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; the Company’s failure to obtain
necessary outside financing; the Company’s failure to qualify or
maintain our 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 the
Company’s good faith beliefs, assumptions and expectations, but
they are not guarantees of future performance. Furthermore, the
Company 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 the Company’s future results to
differ materially from any forward-looking statements, see the
section entitled “Risk Factors” in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2010 and other risks
described in documents subsequently filed by the Company from time
to time with the Securities and Exchange Commission.
Cencora (NYSE:COR)
Historical Stock Chart
From Sep 2024 to Oct 2024
Cencora (NYSE:COR)
Historical Stock Chart
From Oct 2023 to Oct 2024