Shearman & Sterling Advises on Term Loan for Easterly Government Properties, Inc.
Shearman & Sterling LLP represented PNC Bank, as administrative agent, in connection with a $100 million senior unsecured term loan for Easterly Government Properties (NYSE:DEA). The company intends to use the net proceeds of the term loan to repay borrowings outstanding under its unsecured $400 million revolving credit facility and for general corporate purposes. Additionally, the company intends to swap the loan’s underlying base rate from floating to fixed, subject to market conditions.
Based in Washington, DC, Easterly Government Properties, Inc. focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to the U.S. Government. Easterly’s management team brings specialized insight into the strategy and needs of mission-critical U.S. government agencies for properties leased through the U.S. General Services Administration (GSA).