American Assets obtains seven-year $100 million term loan at 3.15%

By Wendy Van Sickle

Columbus, Ohio, March 1 – American Assets Trust, Inc. and American Assets Trust, LP obtained a new seven-year $100 million unsecured term loan on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

U.S. Bank NA and PNC Capital Markets LLC acted as joint lead arrangers and joint bookrunners; PNC Bank, NA as syndication agent; and U.S. Bank as administrative agent.

Interest is Libor plus a spread of 170 basis points to 235 bps, depending on the company’s consolidated leverage ratio. American Assets entered into a rate swap agreement to fix the interest rate at about 3.15%, subject to adjustments based on the company’s consolidated leverage ratio, through the agreement’s maturity on March 1, 2023.

Proceeds will be used to refinance existing secured debt and for other general corporate purposes.

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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