Government Properties Income Trust announced that it has amended and restated the credit agreement for its existing $750 million unsecured revolving credit facility.

Prior to the amendment, GOV’s revolving credit facility had a maturity date of January 31, 2019, and required interest on drawings at LIBOR plus 125 basis points, subject to adjustments based on changes to GOV’s credit ratings. The maturity date of the amended revolving credit facility has been extended to January 31, 2023, and includes a borrower’s option to further extend the facility for two additional six-month periods in return for payment of a fee and provided certain conditions are met. Interest on drawings under the amended revolving credit facility have also been reduced to LIBOR plus 110 basis points, subject to adjustments based on changes to GOV’s credit ratings. In addition, the amended credit agreement includes a feature under which, in certain circumstances, the aggregate revolving credit facility commitments and borrowings in conjunction with outstanding principal associated with term loans may be increased to up to $2.5 billion.

The amended revolving credit facility will also remain in place following GOV’s pending merger with Select Income REIT.

Wells Fargo Bank, N.A. served as Administrative Agent to the facility. Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Inc. and Citigroup Global Markets Inc. acted as Joint Lead Arrangers for the amended credit facility. 

Government Properties Income Trust is a real estate investment trust, or REIT, which primarily owns properties located throughout the United States that are majority leased to government tenants and office properties in the metropolitan Washington, D.C. market area that are leased to government and private sector tenants. GOV is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company that is headquartered in Newton, MA.