Cousins Properties secures $1.2 billion credit facility

Cousins Properties (NYSE: CUZ) closed on a new five-year, $1.2 billion unsecured revolving credit facility, replacing its existing facility that was scheduled to mature in April 2027. The new facility increases the company's borrowing capacity by $200 million.

The Atlanta-based real estate investment trust also amended its existing $400 million and $100 million unsecured term loans, adding two six-month extension options to each loan.

The all-in borrowing spread improved by 15 basis points on both the revolving credit facility and the $400 million term loan, and by 30 basis points on the $100 million term loan. The current borrowing spread on the revolving credit facility is 72.5 basis points over SOFR, while both term loans carry an 80 basis points spread over SOFR.

"These transactions underscore the strength of our long-term relationships with our banking group, and we appreciate their continued support," said Gregg Adzema, Executive Vice President and Chief Financial Officer. "The additional capacity from this facility provides Cousins with ample liquidity and financial flexibility to continue executing our Sun Belt lifestyle office strategy."

J.P. Morgan Chase Bank, BofA Securities, Truist Securities and PNC Capital Markets served as Joint Lead Arrangers and Joint Bookrunners. Bank of America serves as Administrative Agent and J.P. Morgan Chase Bank serves as Syndication Agent.

Cousins Properties is a fully integrated real estate investment trust based in Atlanta that primarily invests in Class A office buildings located in Sun Belt markets. The company was founded in 1958.

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