Franklin Street Properties Corp. entered into a $320 million secured Credit Agreement on February 26, 2026, consisting of $275 million initial term loans and up to $45 million delayed draw term loans, used to refinance approximately $249 million of existing indebtedness under prior agreements. The facility has a 9.0% initial interest rate, matures February 26, 2029, with an optional one-year extension, and includes financial covenants and security on substantially all assets.
Key takeaways
Entered New Credit Agreement on February 26, 2026 with Alter Domus (US) LLC as agent and Silver Oak Capital LLC (TPG Credit affiliate) as lender
Credit Facility totals $320M: $275M Initial Term Loans (with 6% OID) and $45M Delayed Draw Term Loans
Used Initial Term Loans to repay $249M outstanding under BMO Credit Agreement, BofA Credit Agreement, and Note Purchase Agreement
Interest rate 9.0% initial, rising to 13.0% if extension option exercised; maturity February 26, 2029 extendable one year
Requires minimum tangible net worth of $424.88M (adjusted) and $5M liquidity; secured by first priority liens on substantially all assets
Director Milton P. Wilkins, Jr. to not stand for re-election at 2026 annual meeting, serving until term expires