WAKEFIELD, MA--(Marketwire - Sep 27, 2012) - Franklin Street Properties Corp. (the "Company", "FSP", "our" or "we") (
George Carter, President and Chief Executive Officer of FSP, said, "We proactively decided to increase the size of our credit facility from $600 million to $900 million with an additional $250 million accordion feature to assist us in our continuing growth plans. In addition, current market conditions allowed us to fix the base LIBOR interest rate at 0.75% per annum for five years on the term loan and to secure a lower spread over the base LIBOR interest rate on both the revolving line of credit and the term loan. We are pleased to put this unsecured credit facility in place and appreciate the confidence shown in FSP by each of the participating banks."
Bank of America, N.A. is serving as Administrative Agent for the New Facility. FSP was represented by Wilmer Cutler Pickering Hale and Dorr LLP and Bank of America, N.A. was represented by Goulston & Storrs PC. Participating banks include:
|Name of Institution||Title|
|Bank of America, N.A.||Administrative Agent|
|RBS Citizens, National Association||Syndication Agent|
|Regions Bank||Syndication Agent|
|Bank of Montreal||Syndication Agent|
|BBVA Compass||Documentation Agent|
|PNC Bank, National Association||Documentation Agent|
|U.S. Bank National Association||Lender|
|Capital One, N.A.||Lender|
|TD Bank, N.A.||Lender|
|Branch Banking and Trust Company||Lender|
About Franklin Street Properties Corp.
Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on achieving current income and long-term growth through investments in commercial properties. The majority of FSP's property portfolio is suburban office buildings, with select investments in certain central business district properties. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. To learn more about FSP please visit our website at www.franklinstreetproperties.com.
Statements made in this press release that state FSP's or management's intentions, beliefs, expectations, or predictions for the future may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may also contain forward-looking statements based on current judgments and current knowledge of management, which are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned that our forward-looking statements involve risks and uncertainty, including without limitation, economic conditions in the United States, disruptions in the debt markets, economic conditions in the markets in which we own properties, risks of a lessening of demand for the types of real estate owned by us, changes in government regulations, geopolitical events and expenditures that cannot be anticipated such as utility rate and usage increases, unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments. See the "Risk Factors" set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2011, as the same may be updated from time to time in subsequent filings with the U.S. Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We will not update any of the forward-looking statements after the date of this press release to conform them to actual results or to changes in our expectations that occur after such date, other than as required by law.