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ATLANTA-Gearing up for an ambitious development surge while the financial markets are in a lending mode, locally based Cousins Properties Inc. has negotiated two credit facilities totaling $500 million with 13 international banks.

The REIT increased its $325-million unsecured revolving credit facility to $400 million and extended the maturity date to March 2010. The previous credit facility would have expired in September 2007. The lenders also gave Cousins a $100-million unsecured construction facility. Interest terms on both facilities were not disclosed.

"With the increase in development activity of Cousins, we decided it was the right time in the financial markets to increase the size of the Revolver [credit facility]; to extend the term; and to provide additional flexibility in some of our financial covenants," Jim Fleming, Cousins executive vice president and chief financial officer says in a prepared statement.