JBG SMITH replaces $1.0B credit facility with $750M revolver maturing 2027

JBG SMITH Properties

New $750M senior unsecured revolving credit facility matures June 29, 2027; replaces $1.0B facility due Jan 2025.
$62M drawn at closing; option to increase by up to $500M in additional commitments or term loans.
Interest at SOFR + 1.40%-1.85% or base rate + 0.30%-0.75%; sustainability margin adjustment up to 2bps.
Financial covenants include total leverage ≤60%, EBITDA/fixed charges ≥1.50x, secured leverage ≤50%.
Bank of America becomes administrative agent; syndication agents include JPMorgan, Wells Fargo, Morgan Stanley, PNC, Capital One.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

JBG SMITH Properties entered into Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent, and the lenders party thereto valued at $750.0 million (effective 2023-06-29).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, and the lenders party thereto
Value: $750.0 million
Effective: 2023-06-29

Exact text from the filing

Amended and Restated Credit Agreement On June 29, 2023, JBG SMITH Properties LP (“JBG SMITH LP”), the operating partnership of JBG SMITH Properties (the “Company”), entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with Bank of America, N.A., as administrative agent (the “Agent”), and the lenders party thereto as set forth in the Credit Agreement. The Credit Agreement provides for a $750.0 million senior unsecured revolving credit facility maturing June 29, 2027

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JBG SMITH Properties filing history →

Source: SEC EDGAR

accession 0001104659-23-076334

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