8-K - Cousins Properties Incorporated | StockGist

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Cousins Properties Incorporated entered into a Sixth Amended and Restated Credit Agreement extending the maturity of its $1.2 billion unsecured revolving credit facility to April 1, 2031, and amended two term loan agreements to extend their maturities and modify interest rate pricing.

Key Takeaways

1The new $1.2 billion unsecured revolving credit facility extends the maturity date from April 30, 2027, to April 1, 2031, providing a four-year extension.

2The Second Amendment to the Delayed Draw Term Loan Agreement adds two six-month extensions, resulting in a final maturity of March 3, 2028.

3The Fourth Amendment to the Amended and Restated Term Loan Agreement adds two six-month extensions, resulting in a final maturity of August 15, 2027.

4The facilities include financial covenants requiring a consolidated unencumbered interest coverage ratio of at least 1.75x and a consolidated leverage ratio of no more than 60%.

5Interest rate pricing for the facilities is determined by the Company's debt rating, with a grid ranging from Level 1 (A-/A3) to Level 5.

Current Report Details

Event Type

Material Agreement

Financing

Disclosure

Mandatory

Variant

8-K

Items Reported

1.01

above and is incorporated herein by reference. Item 9.01. Financial Statements and Exhibits. (a) Exhibits Exhibit Number Exhibit Description 10.1: 10.2 | Sixth

Material Agreement

Source Document

2.03

. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The disclosure required by this Item 2.03 i

Financing

Transaction Details

Material Agreement

Agreement: Sixth Amended and Restated Credit Agreement
Parties: Cousins Properties Incorporated, Cousins Properties LP, JPMorgan Chase Bank, N.A., BofA Securities, Inc., Truist Securities, Inc., PNC Capital Markets LLC, Bank of America, N.A.

•Borrowing capacity of up to $1.2 billion
•Maturity date extended to April 1, 2031
•Recasts existing senior unsecured revolving line of credit dated May 2, 2022
•Proceeds to be used to repay outstanding debt, acquisitions, development, renovation, working capital, and general corporate purposes
•Interest rate based on Daily or Term SOFR or Base Rate, plus applicable spread determined by debt rating

Debt / Financing

Exhibits (4)

10.1

EX-10.1

10.2

EX-10.2

10.3

EX-10.3

8-K