Douglas emmett obtains $530 million term loan fixed at 3.74%
Santa monica, calif.--(business wire)--douglas emmett, inc. (nyse: dei), a real estate investment trust (reit), announced that it has closed a secured, non-recourse $530 million term loan that will mature on august 1, 2018. the loan bears interest at a floating interest rate that has been effectively fixed through an interest rate swap contract at 3.74% per annum until august 1, 2016. “since september of last year, we have closed over $2.5 billion in loans at a weighted average fixed interest rate of 4.07%,” stated bill kamer, chief financial officer. “we have now completed the term loan financing program that we first announced last year,” mr. kamer concluded. douglas emmett has one remaining 2012 debt maturity with an outstanding balance of approximately $522 million. the company currently intends to repay this loan from a combination of cash on hand and a new secured, revolving floating rate credit line, which it expects to put in place over the next few quarters; however, that decision is still being evaluated and will depend on future events. about douglas emmett, inc. douglas emmett, inc. (nyse: dei) is a fully integrated, self-administered and self-managed real estate investment trust (reit), and one of the largest owners and operators of high-quality office and multifamily properties located in premier submarkets in southern california and hawaii. the company’s properties are concentrated in ten submarkets – brentwood, olympic corridor, century city, santa monica, beverly hills, westwood, sherman oaks/encino, warner center/woodland hills, burbank and honolulu. the company focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. the company maintains a website at www.douglasemmett.com. safe harbor statement except for the historical facts, the statements in this press release are forward-looking statements based on our beliefs about, and assumptions made by, and information currently available to us about known and unknown risks, trends, uncertainties and factors that may be beyond our control or ability to predict. although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will inevitably prove to be incorrect. as a result, our actual future results can be expected to differ from our expectations, and those differences may be material. accordingly, investors should use caution in relying on forward-looking statements to anticipate future results or trends. for a discussion of some of the risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see “risk factors” in our annual report on form 10-k filed with the securities and exchange commission.
