ONL - Orion Office REIT amends its credit agreement
2023-06-29 16:32:27 ET
Orion Office REIT ( NYSE: ONL ) has amended its credit agreement to "retire our maturing term loan facility while continuing to provide Orion with access to liquidity and an extended loan term," CEO Paul McDowell said in a statement Thursday.
Under the terms of the change, Orion ( ONL ) used borrowings from its currently undrawn $425M senior revolving credit facility to repay and retire the outstanding balance of its $175M senior term loan facility slated to expire on Nov. 12, 2023.
The amendment also allows the company to extend the revolving facility for 18 additional months to May 12, 2026, from the current scheduled maturity of Nov. 12, 2024, subject to customary conditions including the payment of an extension fee.
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Orion Office REIT amends its credit agreement