Corporate Office Properties L.P., the operating partnership of Columbia-based Corporate Office Properties Trust, will issue $250 million on senior unsecured notes.
The notes, due Feb. 15, 2024, will pay an interest rate of 5.25 percent. Corporate Office Properties plans to use proceeds from the sale to repay borrowings under its senior unsecured revolving credit facility and for general corporate purposes.
The sale is expected to close on Sept. 16 and is being managed by Wells Fargo Securities, Barclays Capital and Citigroup Global Markets.
COPT is an real estate investment trust that focuses primarily on offices serving U.S. Government agencies and defense contractors, most of whom are engaged in defense information technology and national security-related activities.
The Company acquires, develops, manages and leases office and data center properties concentrated in office parks in the Washington, D.C. and Baltimore regions. As of June 30, its portfolio consisted of 210 office properties totaling 19.0 million rentable square feet.