KBS Real Estate Investment Trust III : Material Event - Form 8-K
December 08, 2023 at 06:08 am EST
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ITEM 8.01 OTHER EVENTS
Accenture Tower Revolving Loan
On November 2, 2020, KBS Real Estate Investment Trust III, Inc. ("the Company"), through an indirect wholly owned subsidiary (the "Accenture Tower Borrower"), entered into a three-year loan facility with U.S. Bank, National Association, as administrative agent, joint lead arranger and co-book runner; Bank of America, N.A., as syndication agent, joint lead arranger and co-book runner; and Deutsche Pfandbriefbank AG (together, 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 secured by Accenture Tower.
The Accenture Tower Revolving Loan had a maturity date of November 2, 2023, with two 12-month extension options, subject to certain terms and conditions contained in the loan documents. On November 2, 2023, the Company, through the Accenture Tower Borrower, entered into a second modification agreement with the Accenture Tower Lenders to extend the initial maturity date of the Accenture Tower Revolving Loan to December 4, 2023. The two 12-month extension options pursuant to the loan agreement remained available from the original maturity date of November 2, 2023, in each case subject to certain terms and conditions contained in the loan documents.
On December 1, 2023, the Company, through the Accenture Tower Borrower, exercised its first extension option pursuant to the loan agreement and extended the maturity date of the Accenture Tower Revolving Loan to November 2, 2024 (the "First Extension Option"). One 12-month extension option remains available pursuant to the loan agreement, subject to certain terms and conditions contained in the loan documents. In connection with the First Extension Option, the borrowing capacity under the Accenture Tower Revolving Loan was reduced to $306.0 million, of which $229.5 million was term debt and $76.5 million was revolving debt. As of December 1, 2023, the outstanding principal balance of the Accenture Tower Revolving Loan was $281.3 million, which consisted of $229.5 million of term debt and $51.8 million of revolving debt. As of December 1, 2023, an additional $24.7 million of revolving debt remained available for future disbursements, subject to certain terms and conditions set forth in the loan agreement.
KBS Real Estate Investment Trust III Inc. published this content on 08 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 December 2023 11:07:30 UTC.
KBS Real Estate Investment Trust III, Inc. is a real estate investment trust (REIT). The Company acquires and manages a diverse portfolio of core real estate properties. The Company conducts its business through KBS Limited Partnership III (the Operating Partnership). The Company's primary investment focus was core office properties located throughout the United States, through which the Company invests in other types of properties and real estate-related investments. The Company owns approximately 16 office properties, one mixed-use office/retail property and an investment in the equity securities of a Singapore real estate investment trust (the SREIT). The primary types of office properties the Company intends to invest in include low-rise, mid-rise and high-rise office buildings and office parks in urban and suburban locations. The Company is managed by KBS Capital Advisors LLC.
KBS REAL ESTATE INVESTMENT TRUST III, INC. 
