Cousins Properties Upsizes Unsecured Revolving Credit Facility to $1.2 Billion

Cousins Properties (NYSE:CUZ) closed a new five-year $1.2 billion unsecured revolving credit facility on April 1, 2026, replacing a facility maturing April 2027 and raising capacity by $200 million.

Rhea-AI Summary

Cousins Properties (NYSE:CUZ) closed a new five-year $1.2 billion unsecured revolving credit facility on April 1, 2026, replacing a facility maturing April 2027 and raising capacity by $200 million.

The company also amended its $400 million and $100 million unsecured term loans, adding two six-month extension options to each and improving all-in borrowing spreads by 15 bps (revolver and $400M loan) and 30 bps ($100M loan). Current spreads are 72.5 bps over SOFR for the revolver and 80 bps over SOFR for both term loans. Financial covenants remain generally unchanged.

Positive

• Increased revolving capacity by $200 million
• New five-year unsecured facility of $1.2 billion
• Improved borrowing spreads by 15–30 basis points

Negative

• Revolver carries a current spread of 72.5 bps over SOFR
• Both term loans carry spreads of 80 bps over SOFR

Argus Apr 2 session

+0.81% close to close Open Argus

Details

News Market Reaction – CUZ

In the Apr 2 session, CUZ gained 0.81%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights a new five‑year $1.2 billion unsecured revolving credit facility, a $20...

Analysis

This announcement highlights a new five‑year $1.2 billion unsecured revolving credit facility, a $200 million capacity increase, and lower borrowing spreads over SOFR on both the revolver and term loans. These steps support liquidity and flexibility for the Sun Belt office strategy while leaving financial covenants largely unchanged. In context of recent debt issuance, buyback authorization, and leasing activity, investors may focus on how this expanded, cheaper credit supports future capital allocation and portfolio performance.

Key Figures

Revolving credit facility: $1.2 billion Borrowing capacity increase: $200 million Unsecured term loan: $400 million +5 more

Revolving credit facility

$1.2 billion

Size of new five-year unsecured revolving credit facility

Borrowing capacity increase

$200 million

Incremental capacity versus prior unsecured credit facility

Unsecured term loan

$400 million

Existing unsecured term loan amended with extension options

Unsecured term loan

$100 million

Smaller unsecured term loan amended with extension options

Spread improvement

15 basis points

All-in borrowing spread reduction on revolver and $400M term loan

Spread improvement

30 basis points

All-in borrowing spread reduction on $100M term loan

Revolver spread

72.5 basis points over SOFR

Current borrowing spread on unsecured revolving credit facility

Term loan spread

80 basis points over SOFR

Current borrowing spread on both unsecured term loans

Historical Context

5 past events · Latest: Mar 30

5 events

1. Mar 30

   Earnings schedule

   24h Move

   +3.6%

   Announced Q1 2026 earnings release and conference call timing.

2. Mar 30

   Major lease win

   24h Move

   +2.1%

   Signed 116,000 sq ft long-term lease with Oracle at Neuhoff in Nashville.

3. Mar 18

   Dividend declaration

   24h Move

   +0.3%

   Declared Q1 2026 cash dividend of $0.32 per common share.

4. Feb 17

   Buyback authorization

   24h Move

   +3.6%

   Board authorized $250M share repurchase program with flexible funding sources.

5. Feb 10

   Debt offering

   24h Move

   -8.0%

   Priced $500M 4.875% senior unsecured notes due 2033 to repay credit borrowings.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

unsecured revolving credit facility, term loans, basis points, SOFR, +4 more

8 terms

unsecured revolving credit facility financial

"closed on a new five-year, $1.2 billion unsecured credit facility."

A revolving credit facility is a line of borrowing that a company can draw from, repay, and draw again up to a set limit; “unsecured” means the loans are not backed by specific assets as collateral. Investors care because it acts like a corporate credit card—giving short‑term cash flexibility to cover operations or unexpected needs—while signaling lenders’ confidence and affecting interest costs, default risk, and the company’s financial stability.

term loans financial

"amended its existing $400 million and $100 million unsecured term loans,"

Term loans are long-term bank or lender loans with a set repayment schedule and fixed end date, similar to a mortgage or car loan for a business. They matter to investors because they create predictable interest payments and principal obligations that affect a company’s cash flow, credit risk and capacity to fund growth or return money to shareholders; heavier or expensive term loans can raise default risk and reduce future flexibility.

basis points financial

"borrowing spread improved by fifteen basis points on both the revolving"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

SOFR financial

"borrowing spread on the revolving credit facility is 72.5 basis points over SOFR,"

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

Administrative Agent financial

"Bank of America, N.A. serves as Administrative Agent and J.P. Morgan"

An administrative agent is a bank or financial firm appointed to handle the day-to-day paperwork and communication for a group of lenders on a loan or credit agreement, acting as the central point for collecting payments, distributing funds, monitoring covenants, and sharing information. For investors, the administrative agent matters because it influences how quickly lenders receive updates, how smoothly repayments and waivers are handled, and how effectively the lending group enforces terms — think of it as a property manager coordinating tasks for multiple owners.

Syndication Agent financial

"Bank of America, N.A. serves as Administrative Agent and J.P. Morgan Chase Bank, N.A. serves as Syndication Agent."

A syndication agent is the financial firm that organizes and manages a group of lenders or investors who jointly provide a loan or buy a new security. Acting like the lead coordinator in a group purchase, it negotiates terms, divides the deal into portions, handles paperwork and communications, and monitors payments; its efficiency and reputation influence pricing, investor confidence and how smoothly capital is raised or recovered in trouble.

Joint Lead Arrangers financial

"served as Joint Lead Arrangers and Joint Bookrunners."

Joint lead arrangers are the banks or financial institutions that organize a large loan provided by a group of lenders, acting like co-captains who design the deal, find other lenders, and set key terms. For investors, their involvement matters because their reputation, negotiating strength and risk appetite influence the cost, size, and protections of the financing, which can affect a company’s cash flow and credit risk.

Joint Bookrunners financial

"served as Joint Lead Arrangers and Joint Bookrunners."

Joint bookrunners are the lead banks or brokers who share responsibility for organizing and selling a new offering of securities, like shares or bonds. Think of them as co-hosts of a big sale who coordinate pricing, gather investor interest (the “order book”), and split the work and risk—investors watch who the joint bookrunners are because their reputation and effort influence how smoothly the deal is priced, how widely it’s distributed, and how likely it is to succeed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Extends Existing Term Loan Maturities

ATLANTA, April 1, 2026 /PRNewswire/ -- Cousins Properties (NYSE:CUZ) announced today that is has closed on a new five-year, $1.2 billion unsecured credit facility.  This new facility replaces the Company's existing facility, which was scheduled to mature in April 2027, and increases its borrowing capacity by $200 million.  The Company also amended its existing $400 million and $100 million unsecured term loans, adding two six-month extension options to each.  

The all-in borrowing spread improved by fifteen basis points on both the revolving credit facility and the $400 million term loan, and thirty basis points on the $100 million term loan.  The current borrowing spread on the revolving credit facility is 72.5 basis points over SOFR, and the current borrowing spread on both term loans is 80 basis points over SOFR.  Financial covenants within the new facilities remain generally unchanged.

"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 of Cousins Properties.  "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, N.A., BofA Securities, Inc., Truist Securities, Inc. and PNC Capital Markets LLC 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
Senior Vice President, Finance & Investor Relations
404-407-1104
rimbeaux@cousins.com

View original content:https://www.prnewswire.com/news-releases/cousins-properties-upsizes-unsecured-revolving-credit-facility-to-1-2-billion-302731915.html

SOURCE Cousins Properties

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Cousins Properties (CUZ) announce about its credit facility on April 1, 2026?

Cousins closed a new five-year unsecured revolving credit facility totaling $1.2 billion. According to the company, this replaces the prior facility maturing April 2027 and increases capacity by $200 million, enhancing liquidity and flexibility.

How were Cousins Properties' (CUZ) term loans amended on April 1, 2026?

The company amended its $400M and $100M unsecured term loans to add two six-month extension options each. According to the company, amendments also improved all-in borrowing spreads on both term loans.

What are the current borrowing spreads for CUZ's revolver and term loans after the April 1, 2026 deal?

The revolving credit facility carries a spread of 72.5 bps over SOFR, and both term loans carry 80 bps over SOFR. According to the company, spreads improved by 15–30 basis points from prior levels.

Who arranged Cousins Properties' (CUZ) $1.2 billion credit facility announced April 1, 2026?

J.P. Morgan Chase, BofA Securities, Truist Securities, and PNC Capital Markets served as joint lead arrangers and bookrunners. According to the company, Bank of America acts as administrative agent for the facility.

What does the new $1.2 billion facility mean for CUZ's liquidity and strategy?

The facility provides additional capacity and longer-term liquidity to support execution of the company's Sun Belt lifestyle office strategy. According to the company, the transaction offers ample liquidity and financial flexibility for growth.