JBG Smith extends revolving credit facility maturity to 2030

JBG Smith (NYSE: JBGS) announced that its operating partnership, JBG Smith Properties LP, has amended and extended its revolving credit facility and Tranche A-2 term loan.

The recast extended the maturity of the revolving credit facility from June 29, 2027 to August 27, 2030, with two six-month extension options that could push the maturity to August 27, 2031. The amended facility provides for aggregate commitments of $690.0 million. The applicable interest rate remains SOFR plus 1.50%, based on the company's current leverage level, while the 0.10% credit spread adjustment was removed. The facility includes an accordion feature allowing future increases of up to $560.0 million in the aggregate.

The recast also increased the Tranche A-2 term loan from $400.0 million to $415.0 million. The maturity of $243.9 million of the term loan was extended to August 25, 2028, with three 12-month extension options that could extend it to August 25, 2031. The remaining $171.1 million will mature on January 13, 2028. The interest rate on the extended portion will increase by 0.25% to SOFR plus 1.65% at the time of extension, with the 0.10% credit spread adjustment removed, representing a net increase of 0.15%.

"The recast extends maturities and further strengthens our balance sheet and liquidity position," said Moina Banerjee, Co-President and Chief Financial Officer of JBG Smith.

The revolving credit facility was syndicated to a group of banks led by BofA Securities and Wells Fargo Securities as joint bookrunners. The Tranche A-2 term loan was syndicated to a group led by Wells Fargo Securities and BofA Securities as joint bookrunners.

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