ATLANTA, GA -- Cousins Properties Incorporated (NYSE:CUZ)
announced today it has closed on a new five-year, $500 million unsecured
revolving credit facility which matures in May 2019.
The new credit facility replaces the Company's existing $350
million facility, which was scheduled to mature in February 2016.
The LIBOR borrowing spread on the new facility has been
reduced to a range of 110-145 basis points from the previous range of 150-210
basis points, depending upon the Company's leverage.
Based upon the Company's leverage as of March 31, 2014, the
current spread over LIBOR under the new facility is 110 basis points.
The new facility contains certain financial covenants that
include the maintenance of an unencumbered interest coverage ratio of at least
2.00, a fixed charge coverage ratio of at least 1.50, and overall leverage of
no more than 60%.
For a complete copy of the company’s news release, please
contact:
Marli Quesinberry, 404-407-1898
Director of Investor Relations and Corporate Communications
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