BioMed Obtains $400M Loan PackageThursday, April 5, 2012
San Diego-based BioMed Realty Trust Inc. has closed on a new $400 million senior unsecured term loan facility, the life-sciences real estate investment firm announced April 3.
A company statement said the facility matures March 30, 2017. The real estate investment trust will use proceeds to repay a portion of its outstanding debt under an existing unsecured line of credit, and for other corporate and working capital purposes.
Officials said the company entered into agreements that effectively fix the interest rate on $200 million of the $400 million at 2.81 percent for five years, subject to adjustments based on BioMed’s credit ratings.
Chief Financial Officer Greg Lubushkin said the loan facility demonstrates the firm’s “ability to consistently access capital from a wide variety of sources” and its sustained support from lending partners.
KeyBank served as administrative agent for the facility, with services also provided by Wells Fargo Securities LLC, Wells Fargo Bank and US Bank.
BioMed, with headquarters in Rancho Bernardo, trades under the symbol BMR on the New York Stock Exchange.