Cousins Closes on New $500 Million Unsecured Credit Facility

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%.

J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and SunTrust Robinson Humphrey, Inc. served as Joint Lead Arrangers and Joint Book Runners. JPMorgan Chase Bank, N.A. served as Syndication Agent. Bank of America, N.A. will serve as Administrative Agent. SunTrust Bank acted as Documentation Agent and Wells Fargo Bank, National Association, PNC Bank, National Association, U.S. Bank National Association, Morgan Stanley Senior Funding, Inc. and Citizens Bank National Association acted as Co-Documentation Agents. Other lenders include the Northern Trust Company, First Tennessee Bank National Association and Atlantic Capital Bank.

Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in top-tier urban office assets and opportunistic mixed-use developments in Sunbelt markets. Since its founding in 1958, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 3,500 multi-family units and more than 60 single-family neighborhoods. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ. For more information, please visit www.cousinsproperties.com.