Cousins Properties Sets Pricing for $400 Million Senior Notes Offering Ahead of Sail Tower Acquisition
On December 12, 2024, Cousins Properties Incorporated, commonly referred to as Cousins, announced that it has successfully priced an offering of senior unsecured notes amounting to $400 million at a rate of 5.375%. This offering is scheduled to close on December 17, 2024, pending the satisfaction of standard closing conditions. The funds generated from this offering are intended to finance a significant acquisition of an extensive office property, known as Sail Tower, located at 601 West 2nd Street in Austin. This property encompasses a remarkable 804,000 square feet and is regarded as a trophy lifestyle office building.
In addition to facilitating the Sail Tower acquisition, Cousins plans to use the remaining net proceeds to repay current borrowings under its credit facility, as well as for various general corporate needs. If, for any reason, the planned acquisition of Sail Tower does not proceed, the company still has a robust plan for the use of these funds, which includes further investments in real estate and opportunistic ventures, as well as debt repayment.
The offering is being led by a group of prominent financial institutions including J.P. Morgan, Truist Securities, US Bancorp, BofA Securities, and several others acting as joint book-running managers. Notably, the offering is backed by a registration statement filed with the Securities and Exchange Commission, which allows for transparency and compliance in securities offerings.
Cousins Properties, headquartered in Atlanta, Georgia, operates through its partnership, Cousins Properties LP, and is primarily focused on investing in Class A office buildings situated in high-growth markets across the Sun Belt region of the United States. Established in 1958, the company utilizes its extensive expertise in development, acquisition, leasing, and management of high-quality real estate assets to create significant value for its shareholders.
The forward-looking nature of this announcement also emphasizes Cousins’ strategic direction and potential future activities. The company outlined various uncertainties and risks associated with forward-looking statements in its recent communications, including factors that may affect the execution of acquisitions and the overall performance of their investments.
Cousins Properties aims to enhance its market presence significantly through substantial acquisitions like the Sail Tower. The property, given its prime location and expansive space, is expected to attract numerous tenants seeking modern office environments. Overall, this move reflects Cousins' continued commitment to establishing itself as a leader in the commercial real estate landscape by capitalizing on growth opportunities in highly sought-after markets.
For additional information or inquiries regarding the offering and the investment opportunity it presents, interested parties are encouraged to contact the respective financial managers involved. Cousins Properties continues to showcase its unwavering intent to leverage financial strategies that bolster its portfolio while meeting the demands of modern businesses seeking upscale office spaces.
In addition to facilitating the Sail Tower acquisition, Cousins plans to use the remaining net proceeds to repay current borrowings under its credit facility, as well as for various general corporate needs. If, for any reason, the planned acquisition of Sail Tower does not proceed, the company still has a robust plan for the use of these funds, which includes further investments in real estate and opportunistic ventures, as well as debt repayment.
The offering is being led by a group of prominent financial institutions including J.P. Morgan, Truist Securities, US Bancorp, BofA Securities, and several others acting as joint book-running managers. Notably, the offering is backed by a registration statement filed with the Securities and Exchange Commission, which allows for transparency and compliance in securities offerings.
Cousins Properties, headquartered in Atlanta, Georgia, operates through its partnership, Cousins Properties LP, and is primarily focused on investing in Class A office buildings situated in high-growth markets across the Sun Belt region of the United States. Established in 1958, the company utilizes its extensive expertise in development, acquisition, leasing, and management of high-quality real estate assets to create significant value for its shareholders.
The forward-looking nature of this announcement also emphasizes Cousins’ strategic direction and potential future activities. The company outlined various uncertainties and risks associated with forward-looking statements in its recent communications, including factors that may affect the execution of acquisitions and the overall performance of their investments.
Cousins Properties aims to enhance its market presence significantly through substantial acquisitions like the Sail Tower. The property, given its prime location and expansive space, is expected to attract numerous tenants seeking modern office environments. Overall, this move reflects Cousins' continued commitment to establishing itself as a leader in the commercial real estate landscape by capitalizing on growth opportunities in highly sought-after markets.
For additional information or inquiries regarding the offering and the investment opportunity it presents, interested parties are encouraged to contact the respective financial managers involved. Cousins Properties continues to showcase its unwavering intent to leverage financial strategies that bolster its portfolio while meeting the demands of modern businesses seeking upscale office spaces.
Topics General Business）
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