SAN DIEGO, August 6 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc.
(NYSE: BMR) today announced that it has amended its $250 million secured term
loan facility and $500 million unsecured revolving line of credit, reducing
the borrowing rates under the facilities and increasing the available
borrowings under the revolving facility from $500 million to $600 million.
The borrowing rate under the secured term loan was reduced by 60 basis points,
which when combined with the interest rate swap agreement previously entered
into by the company, provides an effective interest rate of 5.8% for the
facility until the swap expires in 2010. The amendment also extends the term
of the facility to August 1, 2012 and provides greater flexibility with
respect to covenants.
In addition to increasing the available borrowings to $600 million, the
amendment to the unsecured revolving credit facility extends the term to
August 1, 2011, reduces the borrowing rate and provides greater flexibility
with respect to covenants. In addition, BioMed may extend the maturity date
of the revolving credit facility to August 1, 2012 and may increase the amount
of the facility to $1.0 billion upon satisfying certain conditions.
"Working in partnership with KeyBank and our other lending partners, we
were able to significantly lower the borrowing costs under our secured term
loan, extend the maturity dates of both facilities and increase our overall
covenant flexibility, while at the same time further increasing the borrowing
capacity under our line of credit to accommodate our continued growth through
acquisition, development and re-development of world-class properties," said
Alan Gold, President and Chief Executive Officer of BioMed Realty Trust. "We
see this transaction as another example of the continued recognition by the
lending community of BioMed's business and financial strength and stability,
even in the currently challenging lending environment."
KeyBank National Association served as Administrative Agent and Lead
Arranger for both facilities, while U.S. Bank National Association and
Wachovia Bank, N.A. acted as Co-Syndication Agents and Societe Generale and
LaSalle Bank National Association acted as Co-Documentation Agents.
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused
on Providing Real Estate to the Life Science Industry(TM). The company's
tenants primarily include biotechnology and pharmaceutical companies,
scientific research institutions, government agencies and other entities
involved in the life science industry. BioMed Realty Trust owns or has
interests in 67 properties, representing 101 buildings with approximately 8.4
million rentable square feet, as well as approximately 1.7 million square feet
of development in progress. These properties are located predominantly in the
major U.S. life science markets of Boston, San Diego, San Francisco, Seattle,
Maryland, Pennsylvania and New York/New Jersey, which have well-established
reputations as centers for scientific research. Additional information is
available at http://www.biomedrealty.com.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 based on current
expectations, forecasts and assumptions that involve risks and uncertainties
that could cause actual outcomes and results to differ materially. These
risks and uncertainties include, without limitation: general risks affecting
the real estate industry (including, without limitation, the inability to
enter into or renew leases, dependence on tenants' financial condition, and
competition from other developers, owners and operators of real estate);
adverse economic or real estate developments in the life science industry or
the company's target markets; risks associated with the availability and terms
of financing and the use of debt to fund acquisitions and developments;
failure to manage effectively the company's growth and expansion into new
markets, or to complete or integrate acquisitions and developments
successfully; risks and uncertainties affecting property development and
construction; risks associated with downturns in the national and local
economies, increases in interest rates, and volatility in the securities
markets; potential liability for uninsured losses and environmental
contamination; risks associated with the company's potential failure to
qualify as a REIT under the Internal Revenue Code of 1986, as amended, and
possible adverse changes in tax and environmental laws; and risks associated
with the company's dependence on key personnel whose continued service is not
guaranteed. For a further list and description of such risks and
uncertainties, see the reports filed by the company with the Securities and
Exchange Commission, including the company's most recent annual report on Form
10-K and quarterly reports on Form 10-Q. The company disclaims any intention
or obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
SOURCE BioMed Realty Trust, Inc.
CONTACT: Kent Griffin, Chief Financial Officer of BioMed Realty Trust,
Web site: http://www.biomedrealty.com