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8-K - FORM 8-K - CoreSite Realty Corp | c25939e8vk.htm |
EX-1.1 - EXHIBIT 1.1 - CoreSite Realty Corp | c25939exv1w1.htm |
Exhibit 99.1
CoreSite Realty Corporation Announces Expansion of Credit Facility to $225 Million
-Term Increased to Four Years -
-Term Increased to Four Years -
DENVER,
CO December 15, 2011 CoreSite Realty Corporation (NYSE: COR), a U.S. provider of
powerful, network-rich data centers, today announced that its operating partnership, CoreSite,
L.P., has closed on an amendment to its revolving credit facility with its existing lender group,
which includes KeyBanc Capital Markets and RBC Capital Markets as Joint Lead Arrangers, Bank of
America, N.A., Citibank, N.A. and Credit Suisse. Regions Bank, which served as Documentation
Agent, has joined CoreSites existing lender group through the amendment. The amendment increases
the capacity of the facility, extends the maturity, and significantly improves the interest rate
for borrowings.
The credit facility has been increased by $115 million to $225 million, with an accordion feature
that can increase the size of the facility by an additional $175 million to $400 million. Upon
execution, the facility has a three-year term with the option to extend for an additional one year,
providing a new four-year term. CoreSite intends to use the new facility primarily to fund
expansion and redevelopment projects.
Borrowings will bear interest, at CoreSites election, at a rate equal to LIBOR or a Base Rate plus
a spread, which is determined by a leverage-based pricing grid. LIBOR rate loans will bear
interest at LIBOR plus an applicable margin between 225 and 300 basis points per year. Base rate
loans will bear interest at a base rate plus an applicable margin between 125 and 200 basis points
per year.
CoreSites Chief Financial Officer, Jeff Finnin, stated, We are pleased with the amendment to our
credit facility, which further expands an important capital source and locks in favorable rates
during a time of overall volatility in the financial markets. The increased amount and four years
of term at lower rates are a reflection of the strength of our balance sheet and our operating
model. With the support of our lender group, this amendment allows us to fund our future
development plans and enhance our current portfolio on a more cost effective basis.
About CoreSite
CoreSite Realty Corporation (NYSE: COR) is a national provider of powerful, network-rich data
centers, efficient interconnection services, and global peering opportunities. More than 700
customers such as Global 1000 enterprises, communications providers, cloud and content companies,
financial firms, media and entertainment, healthcare, and Government agencies trust CoreSite to
power, cool, connect, and secure their mission-critical IT assets. CoreSite data centers are
catalysts for network growth, featuring established industry ecosystems with access to 200+
carriers and service providers resulting in more than 12,000 interconnections under management. The
company tailors its data center product to unique customer requirements by way of a flexible
offering that includes cage-to-cabinet colocation, private data centers and suites, and a
responsive customer service and support infrastructure. CoreSites portfolio comprises more than
two million square feet, including space held for redevelopment and development, across 12 data
centers in seven key U.S. economic centers. For more information, visit www.CoreSite.com.
Investor Relations Contact:
Investor Relations
+1 303.222.7276
InvestorRelations@CoreSite.com
Investor Relations
+1 303.222.7276
InvestorRelations@CoreSite.com
Media Contact:
Mark Jobson | CoreSite Marketing Director
+1 303.405.1004 | +1 866.777.CORE
Mark.Jobson@CoreSite.com
Mark Jobson | CoreSite Marketing Director
+1 303.405.1004 | +1 866.777.CORE
Mark.Jobson@CoreSite.com
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal
securities laws. Forward-looking statements relate to expectations, beliefs, projections, future
plans and strategies, anticipated events or trends and similar expressions concerning matters that
are not historical facts. In some cases, you can identify forward-looking statements by the use of
forward-looking terminology such as believes, expects, may, will, should, seeks,
approximately, intends, plans, pro forma, estimates or anticipates or the negative of
these words and phrases or similar words or phrases that are predictions of or indicate future
events or trends and that do not relate solely to historical matters. Forward-looking statements
involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are
beyond the Companys control, that may cause actual results to differ significantly from those
expressed in any forward-looking statement. These risks include, without limitation: the timely
completion of planed construction, geographic concentration of the Companys data centers in
certain markets and any adverse developments in local economic conditions or the demand for data
center space in these markets; fluctuations in interest rates and increased operating costs;
difficulties in identifying properties to acquire and completing acquisitions; significant industry
competition; the Companys failure to obtain necessary outside financing; the Companys failure to
qualify or maintain our status as a REIT; financial market fluctuations; changes in real estate
and zoning laws and increases in real property tax rates; and other factors affecting the real
estate industry generally. All forward-looking statements reflect the Companys good faith beliefs,
assumptions and expectations, but they are not guarantees of future performance. Furthermore, the
Company disclaims any obligation to publicly update or revise any forward-looking statement to
reflect changes in underlying assumptions or factors, of new information, data or methods, future
events or other changes. For a further discussion of these and other factors that could cause the
Companys future results to differ materially from any forward-looking statements, see the section
entitled Risk Factors in the Companys Annual Report on Form 10-K for the year ended December 31,
2010 and other risks described in documents subsequently filed by the Company from time to time
with the Securities and Exchange Commission.