First Potomac Realty Trust, a leading owner and operator of office and business park properties in the greater Washington D.C. region, has executed a recast of its unsecured revolving credit facility and unsecured term loans, which replace the Company's existing credit facility and unsecured term loans.

The new amended, restated and consolidated credit agreement is comprised of a $300 million revolving credit facility with a four-year term, which can be extended at the company's option for up to an additional year, and a $300 million unsecured term loan agreement. The term loan agreement consists of three $100 million tranches (Tranche A, Tranche B and Tranche C), with terms of 5 years, 5½ years, and 7 years, respectively. 

Andy Blocher, Executive Vice President and Chief Financial Officer of First Potomac Realty Trust, said, "The new consolidated credit agreement better aligns our borrowing ability with our business objectives, gives us additional flexibility as it relates to dispositions, allows for the redemption of our Series A Preferred Shares, and also reduces the capitalization rates used to calculate Gross Asset Value for our financial covenants. We were also able to extend the term and reduce our borrowing costs."

KeyBanc Capital Markets, Wells Fargo Securities, LLC, and PNC Capital Markets, LLC served as Joint Lead Arrangers and Joint Lead Book Runners for the revolving credit facility.  KeyBanc Capital Markets and Wells Fargo Securities, LLC served as Joint Lead Arrangers and Joint Lead Book Runners for Tranche A of the Term Loan, KeyBanc Capital Markets, Suntrust Robinson Humphrey, Inc. and Bank of Montreal served as Joint Lead Arrangers and Joint Lead Book Runners for Tranche B of the Term Loan, and KeyBanc Capital Markets, U.S. Bank National Association, and Capital One, N.A. served as Joint Lead Arrangers and Joint Lead Book Runners for Tranche C of the Term Loan, with KeyBank National Association serving as Administrative Agent, Issuing Bank and Swingline Lender.  Other lenders include Royal Bank of Canada and Raymond James Bank, N.A.

First Potomac Realty Trust is a self-administered, self-managed real estate investment trust that focuses on owning, operating, developing and redeveloping office and business park properties in the greater Washington, D.C. region.