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JBG SMITH Announces Recast of Revolving Credit Facility and Tranche A-2 Term Loan

JBGS
  • JBG SMITH amended & extended its Revolving Credit Facility & Tranche A-2 Term Loan.
  • The Revolving Credit Facility maturity was extended from June 29, 2027 to August 27, 2030, with options to extend to August 27, 2031.
  • Aggregate commitments for the amended facility total $690.0 million.
  • Interest rates remain SOFR plus 1.50%, with a 0.10% credit spread adjustment removed.
  • An accordion feature allows future increases up to $560.0 million in the aggregate.
  • The Tranche A-2 Term Loan was increased from $400.0 million to $415.0 million.
  • $243.9 million of the term loan maturity was extended to August 25, 2028, with options to extend to August 25, 2031.
  • The remaining $171.1 million of the term loan matures on January 13, 2028.
  • Interest rates on the extended term loan portion will increase by 0.25% to SOFR plus 1.65%, resulting in a net increase of 0.15% after removing the credit spread adjustment.
  • The Revolving Credit Facility was syndicated by banks led by BofA Securities & Wells Fargo Securities.
  • The Tranche A-2 Term Loan was syndicated by banks led by Wells Fargo Securities & BofA Securities.