COPT prices $300M of 5.25% Exchangeable Senior Notes due 2028

COPT DEFENSE PROPERTIES

Operating partnership priced $300M aggregate principal of 5.25% notes maturing Sept 15, 2028; initial purchasers get $45M option.
Net proceeds ~$292.5M after underwriting discount; expected close Sept 12, 2023.
Initial exchange rate 33.3739 shares per $1,000 principal (premium ~22.5% over $24.46 closing price).
Proceeds for general corporate purposes, including debt repayment and pre-funding development.
Credit agreement amended to exclude conversion events related to the notes from Events of Default.

item 1.01 item 2.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

COPT DEFENSE PROPERTIES amended Credit Agreement with KeyBank National Association (effective 2023-09-06).

Action: amendment
Agreement: credit facility
Counterparty: KeyBank National Association
Effective: 2023-09-06

Exact text from the filing

On September 6, 2023, in connection with the Offering (as defined below), Corporate Office Properties Trust (the “Company”), and its operating partnership, Corporate Office Properties, L.P. (the “Operating Partnership”), entered into an amendment (the “Amendment”) to the Credit Agreement, dated as of October 26, 2022, by and among the Operating Partnership, as borrower, the Company, as parent guarantor, the lenders party thereto, and KeyBank National Association, as administrative agent, together with the various other financial institutions named therein (the “Credit Agreement”).

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COPT DEFENSE PROPERTIES filing history →

Source: SEC EDGAR

accession 0001104659-23-099292

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