Cousins Properties Closes $1 Billion Unsecured Revolving Credit Facility

Rhea-AI Summary

Cousins Properties (NYSE: CUZ) has secured a new five-year, $1 billion unsecured credit facility, replacing its previous facility set to mature in January 2023. The updated facility maintains similar financial covenants and improves the borrowing spread by 5 to 15 basis points. The current spread is 90 basis points over adjusted SOFR. CEO Colin Connolly emphasized this facility enhances liquidity and financial flexibility, supporting their strategy in the Sun Belt trophy office market.

Positive

• Secured a new five-year, $1 billion unsecured credit facility.
• Improved borrowing spread by 5 to 15 basis points.
• Current borrowing spread is 90 basis points over adjusted SOFR.
• Enhances liquidity and financial flexibility for strategic investments.

Negative

• None.

ATLANTA, May 2, 2022 /PRNewswire/ -- Cousins Properties (NYSE: CUZ) announced today that is has closed on a new five-year, $1 billion unsecured credit facility.  This new facility replaces the Company's existing facility, which was scheduled to mature in January 2023.  Financial covenants within the new facility remain generally unchanged while the borrowing spread was improved between five and fifteen basis points, depending on the Company's leverage profile.  The current borrowing spread is 90 basis points over adjusted SOFR.

"We appreciate the  ongoing support we have received from our banking group.  This facility provides Cousins with ample liquidity and financial flexibility to continue executing our Sun Belt trophy offce strategy," said Colin Connolly, President and Chief Executive Officer of Cousins.

J.P. Morgan Chase Bank, N.A., BofA Securities, Inc. and Truist Securities, Inc. served as Joint Lead Arrangers and Joint Bookrunners.  Bank of America, N.A. serves as Administrative Agent and J.P. Morgan Chase Bank, N.A. serves as Syndication Agent.  Truist Bank, PNC Bank, National Association, Morgan Stanley Senior Funding, Inc., U.S. Bank National Association, Wells Fargo Bank, National Association, and TD Bank, National Association serve as Documentation Agents.  First Horizon Bank serves as a participant lender.

About Cousins Properties

Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office buildings located in high growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing, and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets, and opportunistic investments. For more information, please visit www.cousins.com.

CONTACT:
Roni Imbeaux
Vice President, Finance & Investor Relations
Cousins Properties
404-407-1104
rimbeaux@cousins.com

View original content:https://www.prnewswire.com/news-releases/cousins-properties-closes-1-billion-unsecured-revolving-credit-facility-301537642.html

SOURCE Cousins Properties

FAQ

What is the significance of Cousins Properties' new $1 billion credit facility?

Cousins Properties' new $1 billion unsecured credit facility enhances its liquidity and financial flexibility, allowing for continued investment in its Sun Belt trophy office strategy.

How does the new credit facility for Cousins Properties compare to the previous one?

The new credit facility replaces an expiring one and keeps financial covenants largely unchanged while improving the borrowing spread by 5 to 15 basis points.

What is the borrowing spread in Cousins Properties' new credit facility?

The current borrowing spread in the new credit facility is 90 basis points over adjusted SOFR.

When does the prior credit facility for Cousins Properties mature?

The prior credit facility was scheduled to mature in January 2023.

Who are the lead arrangers for Cousins Properties' new credit facility?

J.P. Morgan Chase Bank, N.A., BofA Securities, Inc., and Truist Securities, Inc. served as Joint Lead Arrangers and Joint Bookrunners.