Cousins Properties Announces Pricing of Senior Notes Offering
Cousins Properties (NYSE: CUZ) has announced the pricing of a $500 million senior unsecured notes offering through its operating partnership. The notes, due 2030, are priced at 99.987% of principal with a 5.250% interest rate. The offering is expected to close on June 6, 2025.
The company plans to use the proceeds to repay its existing privately placed senior notes due 2025, with the remainder allocated to repay credit facility borrowings and general corporate purposes. The notes will be fully guaranteed by Cousins Properties. The offering is being managed by a group of financial institutions including Wells Fargo Securities, BofA Securities, and TD Securities among others.
Cousins Properties (NYSE: CUZ) ha annunciato il prezzo di un'offerta di obbligazioni senior non garantite da 500 milioni di dollari tramite la sua partnership operativa. Le obbligazioni, con scadenza nel 2030, sono state quotate al 99,987% del valore nominale con un tasso d'interesse del 5,250%. La chiusura dell'offerta 猫 prevista per il 6 giugno 2025.
L'azienda intende utilizzare i proventi per rimborsare le obbligazioni senior private in scadenza nel 2025, destinando il resto al rimborso dei prestiti della linea di credito e a scopi aziendali generali. Le obbligazioni saranno completamente garantite da Cousins Properties. L'offerta 猫 gestita da un gruppo di istituzioni finanziarie tra cui Wells Fargo Securities, BofA Securities e TD Securities, tra gli altri.
Cousins Properties (NYSE: CUZ) ha anunciado el precio de una emisi贸n de bonos senior no garantizados por 500 millones de d贸lares a trav茅s de su sociedad operativa. Los bonos, con vencimiento en 2030, se han fijado al 99.987% del principal con una tasa de inter茅s del 5.250%. Se espera que la oferta cierre el 6 de junio de 2025.
La compa帽铆a planea usar los ingresos para pagar sus bonos senior privados existentes con vencimiento en 2025, destinando el resto a pagar pr茅stamos de la l铆nea de cr茅dito y a fines corporativos generales. Los bonos estar谩n totalmente garantizados por Cousins Properties. La oferta est谩 siendo gestionada por un grupo de instituciones financieras que incluyen Wells Fargo Securities, BofA Securities y TD Securities, entre otros.
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Cousins Properties (NYSE : CUZ) a annonc茅 le prix d'une 茅mission d'obligations senior non garanties de 500 millions de dollars via son partenariat op茅rationnel. Les obligations, arrivant 脿 茅ch茅ance en 2030, sont propos茅es 脿 99,987 % du principal avec un taux d'int茅r锚t de 5,250 %. La cl么ture de l'offre est pr茅vue pour le 6 juin 2025.
La soci茅t茅 pr茅voit d'utiliser les fonds pour rembourser ses obligations senior priv茅es existantes arrivant 脿 茅ch茅ance en 2025, le reste 茅tant destin茅 au remboursement des emprunts sur facilit茅 de cr茅dit et 脿 des fins g茅n茅rales d'entreprise. Les obligations seront enti猫rement garanties par Cousins Properties. L'offre est g茅r茅e par un groupe d'institutions financi猫res comprenant Wells Fargo Securities, BofA Securities et TD Securities, entre autres.
Cousins Properties (NYSE: CUZ) hat die Preisfestsetzung f眉r eine Senior-Unsecured-Notes-Emission in H枚he von 500 Millionen US-Dollar 眉ber seine Betriebspartnerschaft bekanntgegeben. Die Anleihen mit F盲lligkeit 2030 werden zu 99,987 % des Nennwerts mit einem Zinssatz von 5,250% begeben. Der Abschluss der Emission wird f眉r den 6. Juni 2025 erwartet.
Das Unternehmen plant, die Erl枚se zur R眉ckzahlung seiner bestehenden privat platzierten Senior Notes mit F盲lligkeit 2025 zu verwenden, der Rest wird zur R眉ckzahlung von Kreditfazilit盲ten und f眉r allgemeine Unternehmenszwecke eingesetzt. Die Anleihen werden von Cousins Properties vollst盲ndig garantiert. Die Emission wird von einer Gruppe von Finanzinstituten, darunter Wells Fargo Securities, BofA Securities und TD Securities, verwaltet.
- Successful pricing of $500 million senior notes offering demonstrates market confidence
- Strategic refinancing of existing debt due in 2025
- Diversification of funding sources through multiple major financial institutions
- New debt carries a relatively high 5.250% interest rate
- Additional long-term debt obligation through 2030
Insights
Cousins Properties successfully priced $500M in notes at 5.25%, using proceeds to refinance 2025 debt and reduce credit facility borrowings.
Cousins Properties has successfully priced a
The strategic debt refinancing will be used to retire existing 2025 private placement notes and reduce credit facility borrowings. This proactive liability management extends Cousins' debt maturity profile by approximately 5 years, reducing near-term refinancing risk. The transaction effectively shifts short-term obligations to longer-term debt, improving the company's debt maturity ladder and potentially enhancing financial flexibility.
The impressive syndicate of eight major financial institutions serving as joint book-running managers鈥攊ncluding Wells Fargo, Bank of America, TD Securities, and J.P. Morgan鈥攄emonstrates broad market support for this offering. The full and unconditional guarantee from the parent company provides additional security to noteholders. While the exact interest rate on the debt being replaced isn't specified, this transaction likely optimizes Cousins' capital structure by locking in mid-term financing at current market rates before any potential interest rate fluctuations or market volatility.
Cousins intends to use the net proceeds from the offering to repay the outstanding principal amount of its privately placed senior notes due 2025 and the remainder to repay borrowings under its credit facility and for general corporate purposes.
The notes will be fully and unconditionally guaranteed on a senior unsecured basis by the Company.
Wells Fargo Securities, BofA Securities, TD Securities, J.P. Morgan, Morgan Stanley,聽PNC Capital Markets LLC, Truist Securities and US Bancorp are acting as joint book-running managers.
A shelf registration statement relating to these securities is effective with the Securities and Exchange Commission. The offering may be made only by means of a prospectus supplement and accompanying prospectus. Copies of these documents may be obtained by contacting Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000,
This press release is neither an offer to purchase nor a solicitation of an offer to sell the notes, nor shall it constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale is unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Cousins Properties
Cousins Properties is a fully integrated, self-administered, and self-managed real estate investment trust ("REIT"). The Company, based in
Forward-Looking Statements
Certain matters contained in this press release are "forward-looking statements" within the meaning of the federal securities laws and are subject to uncertainties and risks, as itemized in Item 1A included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.
These forward-looking statements include information about the Company's possible or assumed future results of the business and the Company's financial condition, liquidity, results of operations, plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as: business and financial strategy; objectives of management; future debt financings; future acquisitions and dispositions of operating assets, joint venture interests, and land; future acquisitions and dispositions of investments in real estate debt; future development and redevelopment opportunities; future issuances of common stock, limited partnership units, or preferred stock; future distributions; projected capital expenditures; market and industry trends; future occupancy or volume and velocity of leasing activity; entry into new markets or changes in existing market concentrations; future changes in interest rates and liquidity of capital markets; and all statements that address operating performance, events, investments, or developments that we expect or anticipate will occur in the future.
Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are known. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following: the risks and uncertainties related to the impact of changes in general economic and capital market conditions (on an international or national basis or within the markets in which we operate), including changes in inflation, changes in interest rates, supply chain disruptions, labor market disruptions (including changes in unemployment), dislocation and volatility in capital markets, and potential longer-term changes in consumer and customer behavior resulting from the severity and duration of any downturn, adverse conditions or uncertainty in the
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company cannot guarantee the accuracy of any such forward-looking statements contained in this press release, and the Company does not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts
Roni Imbeaux
Vice President, Finance and Investor Relations
404-407-1104
[email protected]
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