Banks Give Cousins $500M in New Development Power

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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.