CoreSite Announces Amended and Expanded Credit Facility
November 08 2019 - 4:26PM
Business Wire
- Increasing Liquidity to Fund Organic
Growth and Address Near-Term Debt Maturities -
- Increasing Total Borrowing Capacity Under
the Credit Facility to $1.15 Billion -
CoreSite Realty Corporation (NYSE:COR), a premier provider of
secure, reliable, high-performance data center and interconnection
solutions across the U.S., today announced that it has extended its
debt maturity profile and expanded its credit facility with total
borrowing capacity of $1.15 billion, including all arrangements
with its syndicate of banks.
CoreSite has addressed all near-term debt maturities by
combining and extending its 2020 and 2021 term loan maturities into
a $350 million term loan due in April 2025. This new term loan
represents $100 million of incremental borrowing capacity.
Additionally, the term of CoreSite’s $450 million revolving credit
facility was extended to 2023.
The proceeds of the upsized term loan are expected to be used to
pay down a portion of the current revolving credit facility
balance, fund continued development across CoreSite’s portfolio,
and for general corporate purposes.
“We are pleased by the opportunity to extend near-term maturity
dates and increase our overall liquidity, each of which will
support our future growth and development initiatives,” said Jeff
Finnin, CoreSite’s Chief Financial Officer. “We would like to thank
our lending institutions for their continued support of CoreSite
and for providing us with the financial flexibility to continue to
profitably grow and meet our customer needs.”
Administrative Agent -
KeyBank National Association
Revolving Credit and Term Loan III
Co-lead Arrangers - KeyBanc Capital Markets, RBC Capital
Markets, Regions Capital Markets, TD Securities (USA) LLC, and
Wells Fargo Securities
Term Loan IV Co-lead
Arrangers - KeyBanc Capital Markets, RBC Capital
Markets, SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC,
and Wells Fargo Securities
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 that may
cause actual results to differ significantly from those expressed
in any forward-looking statement. These risks include, without
limitation: the geographic concentration of the Company’s data
centers in certain markets and any adverse developments in local
economic conditions or the amount of supply of or 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, including indirect competition from cloud service
providers; failure to obtain necessary outside financing; the
ability to service existing debt; the 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 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 its most recent annual report on
Form 10-K, and other risks described in documents subsequently
filed by the Company from time to time with the Securities and
Exchange Commission.
About CoreSite
CoreSite Realty Corporation (NYSE:COR) delivers secure,
reliable, high-performance data center and interconnection
solutions to a growing customer ecosystem across eight key North
American markets. More than 1,350 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 450+ 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20191108005633/en/
CoreSite Contact Carole Jorgensen Vice President Investor
Relations and Corporate Communications 303-405-1012
InvestorRelations@CoreSite.com
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