COUSINS PROPERTIES INC 8-K

What Happened

• Cousins Properties Incorporated (CUZ) filed an 8-K on April 1, 2026 announcing a Sixth Amended and Restated Credit Agreement that recasts its existing senior unsecured revolving credit and permits up to $1.2 billion of borrowings if conditions are met. The revolving facility’s maturity was extended from April 30, 2027 to April 1, 2031.
• On the same date the company also executed amendments to two term loan agreements: the Delayed Draw Term Loan (final maturity extended to March 3, 2028) and the Amended and Restated Term Loan (final maturity extended to August 15, 2027). Loan pricing under the new facility and the amended term loans is tied to the Company’s S&P and Moody’s ratings and its leverage levels.

Key Details

• Credit line size: up to $1.2 billion; revolving facility maturity: April 1, 2031.
• Financial covenants include: consolidated unencumbered interest coverage ratio ≥ 1.75x; consolidated fixed charge coverage ratio ≥ 1.5x; unsecured leverage ratio ≤ 60%; secured leverage ratio ≤ 50%; overall consolidated leverage ratio ≤ 60%.
• Pricing is rating- and leverage-dependent (examples): Pricing Level 1 (A- / A3) Term SOFR spread ~0.675% and facility fee ~0.125%; Pricing Level 5 (<BBB- or unrated) Term SOFR spread ~1.35%, base-rate fee 0.35% and facility fee ~0.30%.
• Lead arrangers/agents include JPMorgan, BofA, Truist and PNC; Bank of America serves as Administrative Agent.

Why It Matters

• Liquidity and flexibility: the new $1.2B facility and extended maturities push out near-term refinancing needs and provide additional borrowing capacity for working capital, acquisitions, development and other corporate uses.
• Cost and constraints tied to ratings: borrowing costs and applicable fees will vary with Cousins’ credit ratings and leverage, so changes in credit profile can materially affect interest expense and available pricing.
• Covenants matter for operations: the maintenance ratios and leverage caps restrict leverage/coverage and could limit actions if the company approaches covenant thresholds, giving lenders protections that investors should monitor.