American Assets Trust, Inc. Increases Revolving Line of Credit to $350 Million and Improves Credit Spreads in its Second Amended and Restated Credit Agreement and in its $150 Million Term Loan Agreement
January 09, 2018 at 04:15 pm EST
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American Assets Trust, Inc. announced that it has amended and restated its existing credit agreement and amended its existing term loan agreement. The credit agreement was amended and restated to, among other things, (1) increase the revolving line of credit from $250 million to $350 million, (2) extend the maturity date of the restated $350 million revolving line of credit to January 9, 2022 (with two, six-month extension options) and (3) decrease the applicable leverage-based and ratings-based pricing spreads. The $100 million term loan included within the credit agreement matures on January 9, 2019, with no further extension options. The revolving line of credit and $100 million term loan are both unsecured. Furthermore, the $150 million term loan agreement was amended to, among other things, (1) decrease the applicable leverage-based and ratings-based pricing spreads effective as of March 1, 2018 and (2) include an accordion feature to allow the Company to increase the term loan from its current $150 million to up to $300 million, subject to certain conditions. The $150 million term loan is unsecured.
American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust (REIT). The Company owns, operates, acquires, and develops office, retail, multifamily and mixed-use properties in attractive, high-barrier-to-entry markets in Southern California, Northern California, Washington, Oregon, Texas, and Hawaii. It operates in four segments: office, retail, multifamily and mixed-use. The Company's office portfolio comprises approximately 4.1 million rentable square feet, and its retail portfolio comprises approximately 3.1 million rentable square feet. In addition, the Company owns one mixed-use property (including approximately 94,000 rentable square feet of retail space and a 369-room all-suite hotel) and 2,110 multifamily units. Its portfolio consists of twelve office properties; twelve retail shopping centers; a mixed-use property consisting of a 369-room all-suite hotel and a retail shopping center; and six multifamily properties.
American Assets Trust, Inc. Increases Revolving Line of Credit to $350 Million and Improves Credit Spreads in its Second Amended and Restated Credit Agreement and in its $150 Million Term Loan Agreement
AMERICAN ASSETS TRUST, INC. 
