(NYSE:WRE) yesterday entered into an settlement to drag on the maturity date on a $100 million unsecured dub loan from , National Association. Prior to the modification, the allowance would have been due on Feb. 19, 2010. Under the restored agreement, the accommodation is due Nov. 1, 2011.
The unknown compact also carries a a little higher interest rate, tacking 275 constituent points onto the chief LIBOR index rate, compared to 150 main ingredient points under the precious agreement. To offset this increase, the friends entered into a new back interest rate swap that will make good an existing interest rate swap on Feb. 20, 2010. With that move, the participation compute on the modified credit will be a fixed rate that will absolutely decline from 5.7 percent to 4.85 percent.
WRIT is a self-administered, self-managed, open-mindedness legal estate investment confide investing in income-producing properties in the greater Washington metro region. WRIT owns a diversified portfolio of 93 properties consisting of 28 role properties, 22 industrial/flex properties, 17 medical place properties, 14 retail centers, 12 multi-family properties and grounds for development.
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