Douglas emmett, inc. refinances $360 million loan

Douglas emmett, inc. announced that it has refinanced a $360 million loan previously scheduled to mature in june 2023. the new secured, non-recourse $400 million interest-only loan will mature in november 2026 and bears interest at libor plus 1.15%. douglas emmett secured interest rate swaps that effectively fix the rate at 2.18% per annum through july 2021 and then at 2.31% per annum through october 2024. the new debt has added almost five years to the term and reduced the current interest rate by nearly 35 basis points to 2.63%.
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