Franklin Street Properties Corp. Closes $320 Million Secured Credit Facility Refinancing

Franklin Street Properties Corp. Closes $320 Million Secured Credit Facility Refinancing

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Franklin Street Properties Corp. (the “Company,” or “FSP”) (NYSE American: FSP) announced that it has closed a $320 million secured credit facility (the “Facility”) with an affiliate of TPG Credit (the “Lender”). The Company repaid in full all of its outstanding $248.9 million aggregate principal amount of indebtedness using an initial drawdown of $258.5 million under the Facility, net of an original issue discount of $16.5 million. The Facility includes up to $45 million of delayed draw term loans, which, subject to certain conditions, will be used to fund tenant improvements, leasing commissions, building improvements, and other uses approved by the Lender, and contains customary covenants. 

WilmerHale represented FSP in the transaction.

The WilmerHale team was led by Brandt Tierney, Doug Burton, Tom Ward, Alex Dean, Robyn Casper, Helen Park, and Ariana Raitano, and included George Shuster Jr., David Strong, Skyler Dykes, and Louise Luongo.

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