COLUMBIA, Md.--(BUSINESS WIRE)--Effective October 10, 2018, Corporate Office Properties Trust (NYSE: OFC), and its operating partnership, Corporate Office Properties, L.P., entered into a new $800 million line of credit agreement to replace its existing $800 million line of credit that was scheduled to mature in May 2019. The New Credit Facility has a maturity date of March 10, 2023, plus two six-month extension options. The interest rate on the New Credit Facility is LIBOR plus 77.5—145 basis points and, based on the Company’s current credit ratings, the initial spread over LIBOR is 110 basis points.

JPMorgan Chase Bank, N.A. and KeyBanc Capital Markets, Inc. acted as joint book runners on the New Credit Facility. JPMorgan Chase Bank, N.A., KeyBanc Capital Markets, Inc., Barclays Bank PLC, Citibank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Wells Fargo Bank, N.A. acted as joint lead arrangers.

Outlook Upgrade from Fitch.

Recently, Fitch Ratings affirmed the Company’s corporate and unsecured debt ratings at BBB- and revised its outlook for the Company to Positive from Stable.

Company Information

COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology (“IT”) related activities servicing what it believes are growing, durable, priority missions (“Defense/IT Locations”). The Company also owns a portfolio of office properties located in select urban/urban-like submarkets in the Greater Washington, DC/Baltimore region with durable Class-A office fundamentals and characteristics (“Regional Office Properties”). As of June 30, 2018, the Company derived 88% of its core portfolio annualized revenue from Defense/IT Locations and 12% from its Regional Office Properties. As of the same date and including six buildings owned through an unconsolidated joint venture, COPT’s core portfolio of 157 office and data center shell properties encompassed 17.5 million square feet and was 93.4% leased; the Company also owned one wholesale data center with a critical load of 19.25 megawatts.