KBS REIT III board recommends rejecting CMG mini-tender offer at $4.02/share, 55% below estimated NAV

KBS Real Estate Investment Trust III, Inc.

CMG Partners offers $4.02/share for up to 450,000 shares (0.30% of outstanding); board unanimously recommends rejection.
Estimated NAV per share as of Sept 28, 2022 is $9.00; offer represents a 55% discount.
CMG recently sold shares at $6.59 and bought at $5.05 in secondary market, above offer price.
Company also modified loan facility: converted from LIBOR to Term SOFR +160bps, extended maturity to March 1, 2024.
Ordinary redemptions suspended; special redemptions still available at estimated NAV.

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

KBS Real Estate Investment Trust III, Inc. entered into Modified Portfolio Revolving Loan Facility with U.S. Bank, N.A. valued at $249.2 million committed amount; interest at Term SOFR plus 160 basis points per annum (effective 2023-02-28).

Action: entry
Agreement: credit facility
Counterparty: U.S. Bank, N.A.
Value: $249.2 million committed amount; interest at Term SOFR plus 160 basis points per annum
Effective: 2023-02-28

Exact text from the filing

On February 28, 2023, the Borrower entered into a second modification with the Agent and the Lenders to convert the benchmark interest rate from LIBOR to Term SOFR.

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KBS Real Estate Investment Trust III, Inc. filing history →

Source: SEC EDGAR

accession 0001482430-23-000009

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