Easterly Government amends, upsizes term loan to $200M

Easterly Government Properties (NYSE:DEA) upsized an unsecured term loan agreement to $200.0M from its original amount of $174.5M, the REIT said on Thursday.

The company, which focuses on leasing property to the U.S. government, also said it secured a new accordion feature for $100M in additional capacity.

The 2018 term loan will continue to bear interest at a rate of SOFR, a credit spread adjustment of 0.10%, plus a spread of 1.20%-1.70%, depending on Easterly's (NYSE:DEA) leverage ratio. Given the company's current leverage ratio, the amended initial spread is set at 1.45%.

Citibank N.A. (C), PNC Capital Markets LLC (PNC), Wells Fargo Securities LLC (WFC), U.S. Bank National Association (USB), and Truist Securities Inc. (TFC) served as joint lead arrangers, joint bookrunners, and syndication agents on the 2018 term loan. Citibank N.A. served as administrative agent.