KBS Real Estate Investment Trust III, Inc. (KBSR): debt financing — KBS REIT III extends $601M loan to Aug 2024; must raise $100M by July 15, 2024

KBS Real Estate Investment Trust III, Inc.

Fourth Extension Agreement extends maturity of $601.3M portfolio loan facility to August 6, 2024.
Lenders waived debt service coverage ratio tests for Dec 2023, Mar 2024, Jun 2024 and net worth covenant.
Milestones: deliver cash flow plan by Feb 29, engage investment bank by Mar 29, raise $100M by Jul 15.
KBS REIT III engaged Moelis & Company LLC on Feb 12 to assist with capital raising and restructuring.
Substantial doubt about going concern; failure to meet milestones triggers immediate default.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

KBS Real Estate Investment Trust III, Inc. amended credit facility of aggregate outstanding balance approximately $601.3 million with Bank of America, N.A., as administrative agent; Wells Fargo Bank, N.A., as syndication agent; Portfolio Loan Lenders at not explicitly stated maturing extended to August 6, 2024.

Instrument: credit facility
Principal: aggregate outstanding balance approximately $601.3 million
Counterparty: Bank of America, N.A., as administrative agent; Wells Fargo Bank, N.A., as syndication agent; Portfolio Loan Lenders
Rate: not explicitly stated
Maturity: extended to August 6, 2024
Event: amendment

Exact text from the filing

to extend the maturity of the facility to August 6, 2024. The aggregate outstanding principal balance of the Amended and Restated Portfolio Loan Facility was approximately $601.3 million as of February 6, 2024. Under the Fourth Extension Agreement, the Agent and the Portfolio Loan Lenders waived the requirement for the Properties to satisfy the minimum required

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

Source: SEC EDGAR

accession 0001482430-24-000007

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