CommonWealth Reit has entered a USD750m unsecured revolving bank credit facility.

The new facility replaces CommonWealth Reit’s previous USD750m unsecured revolving bank credit facility which had a maturity date of 22 August 2010.

The maturity date of the new facility is 8 August 2013 and includes a borrower’s option to extend the facility for one year to 8 August 2014.

The new facility also includes a feature under which the maximum borrowing may be increased to up to USD1.5bn in certain circumstances.

Interest paid on drawings under the new facility is set at Libor plus 200 basis points, subject to adjustments based on changes to CommonWealth Reit’s credit ratings.

Wells Fargo Securities and Banc of America Securities acted as joint lead arrangers and joint bookrunners for the new facility. As compared to CommonWealth Reit’s previous facility, the number of participating banks in the new facility increased from 26 to 28 institutions.

CommonWealth Reit is a nationwide office and industrial real estate investment trust. As of 30 June 2010, it owned 521 properties with 67.5 million square feet located in over 60 markets in 34 states and Washington, DC.