KBS Real Estate amends, resizes term loan and revolver due 2023

By Wendy Van Sickle

Columbus, Ohio, Jan. 29 – KBS Real Estate Investment Trust III, Inc. entered into an amendment on Jan. 23 to its October 2018 credit agreement to resize the credit facility to comprise $162.5 million of term debt and $162.5 million of revolving debt, according to an 8-K filing with the Securities and Exchange Commission.

At closing of the amendment, KBS drew $66.5 million on the credit agreement, of which $64.9 million was used to pay off its 201 17th Street Mortgage Loan and the remaining amount was used to pay origination fees and accrued interest.

As of Jan. 23, a total of $276.6 million was funded under the credit agreement, of which $162.5 million was term debt and $114.1 million was revolving debt. An additional $48.4 million of revolving debt is available.

Proceeds may be used for working capital, capital expenditures, real property acquisitions and other corporate purposes.

Borrowings bear interest at one-month Libor plus 150 basis points.

The loan credit agreement matures on March 1, 2023, with two 12-month extension options.

U.S. Bank NA is the administrative agent.

The REIT is based in Newport Beach, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.