CoreSite Realty Corporation, a premier provider of secure, reliable, high-performance data center and interconnection solutions across the U.S., announced that it has extended its debt maturity profile and expanded its credit facility with total borrowing capacity of $1.15 billion, including all arrangements with its syndicate of banks.
CoreSite has addressed all near-term debt maturities by combining and extending its 2020 and 2021 term loan maturities into a $350 million term loan due in April 2025. This new term loan represents $100 million of incremental borrowing capacity. Additionally, the term of CoreSite’s $450 million revolving credit facility was extended to 2023.
The proceeds of the upsized term loan are expected to be used to pay down a portion of the current revolving credit facility balance, fund continued development across CoreSite’s portfolio, and for general corporate purposes.
“We are pleased by the opportunity to extend near-term maturity dates and increase our overall liquidity, each of which will support our future growth and development initiatives,” said Jeff Finnin, CoreSite’s Chief Financial Officer. “We would like to thank our lending institutions for their continued support of CoreSite and for providing us with the financial flexibility to continue to profitably grow and meet our customer needs.”
Participants included:
- Administrative Agent - KeyBank National Association
- Revolving Credit and Term Loan III Co-lead Arrangers - KeyBanc Capital Markets, RBC Capital Markets, Regions Capital Markets, TD Securities (USA) LLC, and Wells Fargo Securities
- Term Loan IV Co-lead Arrangers - KeyBanc Capital Markets, RBC Capital Markets, SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC, and Wells Fargo Securities