TIER REIT Recasts Credit Facility
January 24 2018 - 4:35PM
Business Wire
TIER REIT, Inc. (NYSE: TIER), a Dallas-based real estate
investment trust, announced today that it has recast its existing
multi-bank unsecured credit facility.
The amendment provides for total unsecured borrowings under the
credit facility to increase from $860 million to $900 million, with
the ability to further increase total borrowings by up to an
additional $300 million in the aggregate subject to certain
requirements. The recast also includes a maturity date extension of
the revolving portion of the facility from December 2018 to January
2022, with an additional one-year extension option subject to
certain requirements, as well as a maturity date extension of the
$300 million term loan from December 2019 to January 2025.
The new credit facility is being led by Wells Fargo Securities,
LLC and JPMorgan Chase Bank, N.A., as joint lead arrangers and
joint bookrunners. In addition, U.S. Bank National Association is a
joint lead arranger of the revolver and seven-year term loan, and
PNC Bank, National Association is a joint lead arranger of the
five-year term loan, with both serving in conjunction with Fifth
Third Bank and Capital One National Association as documentation
agents; Bank of America, N.A., BMO Capital Markets Corp. and
Regions Bank are senior managing agents; and Associated Bank,
National Association and First Tennessee Bank are additional
participants.
“We are pleased with the strong lender demand for our recast
credit facility and the ongoing support from our expanding bank
group as we continue to execute our value creation plan,” stated
Dallas Lucas, Chief Financial Officer. “The amended facility
solidifies our balance sheet with no meaningful debt maturities
until 2022 and provides us the capacity to further capitalize on
new near-term selective development opportunities.”
About TIER REIT, Inc.
TIER REIT, Inc. is a publicly traded (NYSE:TIER), self-managed,
Dallas-based real estate investment trust focused on owning
quality, well-managed commercial office properties in dynamic
markets throughout the U.S. TIER REIT’s vision is to be the premier
owner and operator of best-in-class office properties in TIER1
submarkets, which are primarily higher density and amenity-rich
locations within select, high-growth metropolitan areas that offer
a walkable experience to various amenities. Our mission is to
provide unparalleled, TIER ONE Property Services to our tenants and
outsized total return through stock price appreciation and dividend
growth to our stockholders.
For additional information regarding TIER REIT, please visit
www.tierreit.com or call 972.483.2400.
Forward-Looking Statements
Certain statements made in this press release that are not based
on historical information are forward-looking statements, which are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. This press release
contains express or implied forward-looking statements for which no
assurance can be provided. TIER REIT undertakes no obligation to
update or revise the information contained in this press release,
whether as a result of new information, future events or
circumstances, or otherwise. For additional disclosure regarding
these and other risks faced by the Company, see the disclosure
contained in our public filings with the Securities and Exchange
Commission, including, without limitation, our most recent Annual
Report on Form 10-K.
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version on businesswire.com: http://www.businesswire.com/news/home/20180124005853/en/
TIER REIT, Inc.Scott McLaughlin, 972-483-2465smclaughlin@tierreit.com
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