KBS Real Estate Investment Trust III, Inc. (KBSR): debt financing — KBS REIT III extends two loan facilities by weeks; $1.7B total maturities in 12 months

KBS Real Estate Investment Trust III, Inc.

Accenture Tower loan ($281.3M term + $93.7M revolver) maturity extended from Nov 2 to Dec 4, 2023; revolver advances suspended.
Portfolio loan ($606.3M outstanding) maturity extended from Nov 3 to Nov 17, 2023; $6.9M undrawn commitment permanently cancelled.
Company failed to meet extension conditions on Portfolio loan; discussions for further modifications ongoing but uncertain.
Company faces $1.7B in total loan maturities over next 12 months; refinancing difficult due to market conditions.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

KBS Real Estate Investment Trust III, Inc. amended revolving credit of up to $375.0 million with U.S. Bank, National Association; Bank of America, N.A.; Deutsche Pfandbriefbank AG maturing extend the initial maturity date ... to December 4, 2023.

Instrument: revolving credit
Principal: up to $375.0 million
Counterparty: U.S. Bank, National Association; Bank of America, N.A.; Deutsche Pfandbriefbank AG
Maturity: extend the initial maturity date ... to December 4, 2023
Event: amendment

Exact text from the filing

with the National Bank of Kuwait S.A.K.P. Grand Caymans Branch (which was subsequently added as a lender), the “Accenture Tower Lenders”), for a committed amount of up to $375.0 million (as amended and modified, the “Accenture Tower Revolving Loan”), of which $281.3 million was term debt and $93.7 million was revolving debt. The Accenture Tower Revolving Loan is

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

KBS Real Estate Investment Trust III, Inc. amended credit facility of approximately $606.3 million outstanding; $6.9 million unadvanced portion permanently cancelled with Bank of America, N.A.; Wells Fargo Bank, National Association; U.S. Bank, National Association; Capital One, National Association; PNC Bank, National Association; Regions Bank; Zions Bankcorporation, N.A., DBA California Bank & Trust maturing extended to November 17, 2023.

Instrument: credit facility
Principal: approximately $606.3 million outstanding; $6.9 million unadvanced portion permanently cancelled
Counterparty: Bank of America, N.A.; Wells Fargo Bank, National Association; U.S. Bank, National Association; Capital One, National Association; PNC Bank, National Association; Regions Bank; Zions Bankcorporation, N.A., DBA California Bank & Trust
Maturity: extended to November 17, 2023
Event: amendment

Exact text from the filing

options to extend the maturity date. As of November 3, 2023, the aggregate outstanding principal balance of the Amended and Restated Portfolio Loan Facility was approximately $606.3 million. The unadvanced portion of the commitment of approximately $6.9 million was permanently cancelled. The Company continues to have discussions with the Amended and Restated

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

Source: SEC EDGAR

accession 0001482430-23-000048

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