Franklin Street Properties Closes $320M Secured Credit Facility With Affiliate Of TPG Credit

Franklin Street Properties Corp. (the "Company", "FSP", "our" or "we") (NYSE:FSP) announced today that it has closed a $320 million secured credit facility (the "Facility") with an affiliate of TPG Credit (the "Lender"). The Company repaid in full all of its outstanding $248.9 million aggregate principal amount of indebtedness in an initial drawdown of $258.5 million under the Facility, net of original issue discount of $16.5 million (the "Initial Term Loans"). The Facility includes up to $45 million of delayed draw term loans, which, subject to certain conditions, will be used to fund tenant improvements, leasing commissions, building improvements and other uses approved by the Lender ("Delayed Draw Term Loans") and contains customary covenants. Alter Domus (US) LLC will act as administrative agent for the Facility.