Wednesday, Mission West Properties, Inc. (MSW), engaged in the acquisition, marketing, leasing, and management of research and development properties, said it closed a $115 million financing.
The company said it used the proceeds from the financing to pay-off a loan maturing with Prudential Insurance and other short-term debt.
The company noted that the financing was secured by 20 properties of about 1.6 million sq.ft with various entities of Hartford Insurance Co. Mission West's new loan has a 6.21% fixed annual interest rate, which will be amortized over 20 years. The ten-year loan will mature in October 2018.
Mission West's total debt as of October 1 stands at about $362.2 million. The company noted that its fixed rate mortgage debt represents 95% of the total debt or $342.47 million, with a weighted average interest rate of 5.74%.
Carl Berg, the chairman and chief executive officer of Mission West commented, "We are very pleased with the terms of the refinancing which positions the company well in light of current credit market conditions."
MSW is currently trading up 31 cents or 4.17% at $7.75.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.