American Assets Trust enters $500 million restated credit agreement

By Marisa Wong

Los Angeles, Jan. 5 – American Assets Trust, Inc. and American Assets Trust, LP entered into a third amended and restated credit agreement on Wednesday with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement amends and restates the company’s second amended and restated credit agreement dated Jan. 9, 2018.

The restated credit agreement provides for aggregate unsecured borrowings of up to $500 million, consisting of a $400 million revolving line of credit and a $100 million term loan.

Borrowings bear interest at SOFR plus a spread based on the company’s consolidated leverage ratio. The spread ranges from 105 basis points to 150 bps for the revolver and 120 bps to 170 bps for the term loan.

Additionally, the company elect for borrowings to bear interest at rates based on ratings.

The revolver initially matures on Jan. 5, 2026, subject to two six-month extension options.

The $100 million term loan matures on Jan. 5, 2027, with no further extension options.

American Assets is a San Diego-based real estate investment trust focused on retail, office and residential properties, primarily in Southern California, Northern California, Oregon, Washington and Hawaii.

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