Increases available liquidity to support growth initiatives
DENVER--(BUSINESS WIRE)--Feb. 3, 2016-- CoreSite Realty Corporation (NYSE:COR), a premier provider of secure, reliable, high-performance data center and interconnection solutions across the U.S., today announced that it has entered into a new five-year, $100 million term loan.
CoreSite elected to exercise a portion of the accordion inside its $500 million senior unsecured credit facility for the new $100 million term loan. The term loan has a five-year term maturing in February 2021, and bears interest at a variable rate. Net proceeds from the term loan will be used to pay down a portion of the current revolving credit facility balance, as well as for general corporate purposes.
KeyBank National Association served as administrative agent, and KeyBanc Capital Markets, RBC Capital Markets LLC, Regions Capital Markets, and TD Securities (USA) LLC all served as joint lead arrangers and joint book managers.
“The execution of this new $100 million term loan allows us to increase our overall liquidity to fund future growth at an attractive cost of debt, further balances our debt maturities and strengthens our capital structure,” said Jeff Finnin, CoreSite’s Chief Financial Officer. "We are fortunate to have a solid team of relationship banks and we would like to take this opportunity to thank the participating lenders for their continued support of CoreSite.”
CoreSite Realty Corporation (NYSE:COR) delivers secure, reliable, high-performance data center and interconnection solutions to a growing customer ecosystem across eight key North American markets. More than 900 of the world’s leading enterprises, network operators, cloud providers, and supporting service providers choose CoreSite to connect, protect and optimize their performance-sensitive data, applications and computing workloads. Our scalable, flexible solutions and 350+ dedicated employees consistently deliver unmatched data center options — all of which leads to a best-in-class customer experience and lasting relationships. For more information, visit www.CoreSite.com.
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