Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.22.2.2
Subsequent Events
 9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On October 26, 2022, we entered into a credit agreement with a group of lenders for an unsecured revolving credit facility and unsecured term loan that provided for an aggregate of $725.0 million of available borrowings allocated as follows:

•an unsecured revolving credit facility with a lender commitment of $600.0 million that replaced our existing Revolving Credit Facility with:
•an interest rate based on the Secured Overnight Financing Rate (“SOFR”) plus 0.825% to 1.500%, as determined by the credit ratings assigned to COPLP by Standard & Poor’s Ratings Services, Moody’s Investors Service, Inc. or Fitch Ratings Ltd. (collectively, the “Ratings Agencies”);
•a quarterly fee that is based on the lenders’ commitment under the facility multiplied by a per annum rate of 0.125% to 0.300%, as determined by the credit ratings assigned to COPLP by the Ratings Agencies; and
•an October 26, 2026 maturity date, and the ability for us to further extend such maturity by two six-month periods at our option, provided that there is no default under the facility and we pay an extension fee of 0.0625% of the total availability under the facility for each extension period; and
•a $125.0 million unsecured term loan with:
•an interest rate based on SOFR plus 0.950% to 1.800%, as determined by the credit ratings assigned to COPLP by the Ratings Agencies; and
•a January 30, 2026 maturity date, and the ability for us to further extend such maturity by two 12-month periods at our option, provided that there is no default under the facility and we pay an extension fee of 0.125% of the outstanding loan balance for each extension period.

We used proceeds from the term loan to pay off the remaining $100.0 million outstanding under an existing unsecured term loan and pay down a portion of our Revolving Credit Facility.