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Bank of America Agents Revolving LOC Increase to $400MM for American Assets Trust

January 06, 2022, 07:00 AM
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American Assets Trust amended and restated its existing credit agreement. Bank of America served as Administrative Agent according to an 8K filing with the SEC on Jaunaury 5, 2022.

The credit agreement was amended and restated to, among other things, (1) increase the revolving line of credit from $350 million to $400 million, (2) extend the maturity date of the restated $400 million revolving line of credit to January 5, 2026 (with two, six-month extension options), (3) extend the maturity date of the $100 million term loan included as part of the credit agreement to January 5, 2027 (with no further extension options), (4) decrease the applicable ratings-based pricing spreads and (5) transition borrowings to the Secured Overnight Financing Rate (SOFR), and away from LIBOR. The revolving line of credit and $100 million term loan are both unsecured.

American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California.

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