Pacific Office Properties Trust Secures $10 Million Credit Revolver
September 8, 2009 (FinancialWire) — Pacific Office Properties Trust, Inc. (AMEX: PCE), a West Coast office REIT, said it has closed on a new $10 million revolving credit facility with First Hawaiian Bank, a subsidiary of BNP Paribas.
The company said it has paid off and terminated its existing revolving credit facility with KeyBank National Association (NYSE: KEY).
Pacific said that the proceeds of the First Hawaiian Bank credit facility, which matures September 2, 2011, will be used for working capital and general corporate purposes, including capital expenditures and the issuance of commercial and standby letters of credit.
Amounts borrowed under the facility will bear interest at one percentage point per annum over the annual percentage yield paid by First Hawaiian Bank on time certificates of deposit.
Los Angeles-based Pacific Office Properties Trust acquires, owns, and operates office properties in the Western U.S., focusing initially on the sub-markets of Honolulu, San Diego, Los Angeles, and Phoenix.
The company is externally managed by Pacific Office Management, an affiliate of The Shidler Group and an entity owned by the company’s founders.
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