Cousins expanded its unsecured revolving credit facility by $125 million. The company draws on the money to fund short-term and long-term cash needs.
The consortium is co-led by Bank America, as administrative agent, and Wachovia Bank, as syndication agent. New institutions are Commerzbank, documentation agent; Dresdner Bank and Wells Fargo Bank, managing agents; PNC Bank and South Trust, co-agents; and Coamerica, participant.
"Combined with our other traditional sources of capital, including non-recourse mortgage financings, financing ventures and select asset sales, we believe this expanded facility will provide sufficient capital for us in the short term and over time to fund our cash needs," Kelly Barrett, Cousins' senior vice president/chief financial officer, says in a prepared statement.
Cousins' portfolio consists of interests in 12.8 million sf of office; 3.1 million sf of retail; 900,000 sf of medical office; and 300 acres of undeveloped land.
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