Unsecured Lines of Credit Payable
|6 Months Ended|
Jun. 30, 2015
|Unsecured Debt [Abstract]|
|Unsecured Lines of Credit Payable||
NOTE 4: UNSECURED LINES OF CREDIT PAYABLE
On June 23, 2015, we terminated our $100.0 million unsecured line of credit maturing in June 2015 ("Prior Credit Facility No. 1") and our $400.0 million unsecured line of credit maturing in July 2016 ("Prior Credit Facility No. 2"), and executed a new $600.0 million unsecured credit agreement ("New Credit Facility") that matures in June 2019, unless extended pursuant to one or both of the two six-month extension options. The New Credit Facility has an accordion feature that allows us to increase the facility to $1.0 billion, subject to the extent the lenders agree to provide additional revolving loan commitments or term loans. The New Credit Facility bears interest at a rate of either LIBOR plus a margin ranging from 0.875% to 1.55% or the base rate plus a margin ranging from 0.0% to 0.55% (in each case depending upon Washington REIT’s credit rating). The base rate is the highest of the administrative agent's prime rate, the federal funds rate plus 0.50% and the LIBOR market index rate plus 1.0%. In addition, the New Credit Facility requires the payment of a facility fee ranging from 0.125% to 0.30% (depending on Washington REIT’s credit rating) on the $600.0 million committed capacity, without regard to usage. As of June 30, 2015, the interest rate on the facility is LIBOR plus 1.00% and the facility fee is 0.20%.
The amount of the New Credit Facility unused and available at June 30, 2015 is as follows (in thousands):
(1) The letter of credit is provided to the lender for John Marshall II relating to tenant improvements.
We executed borrowings and repayments on the unsecured lines of credit during the 2015 Period as follows (in thousands):
Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.
Reference 1: http://www.xbrl.org/2003/role/presentationRef