secwatch.observer — SEC 8-K summary
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Issuer:     BRT Apartments Corp. (BRT)
CIK:        0000014846
Form:       8-K
Filed at:   2022-09-16T23:59:59+00:00
Accession:  0000014846-22-000044
Event type: debt
Sentiment:  neutral
Materiality: 0.40
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

BRT Apartments amends credit facility: borrowing capacity increased to $60M, term extended to 2025
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- Borrowing capacity raised from $35M to $60M; working capital sublimit increased from $15M to $25M.
- Term extended from Nov 2024 to Sept 2025; interest rate reduced to prime (floor 3.5%) with 25bp spread eliminated.
- Unencumbered property covenant raised to 3 properties with minimum $75M value; tangible net worth floor set at $140M.
- As of Sept 15, 2022, $7M outstanding, $53M available; one-time fee of ~$346k paid.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/14846/000001484622000044/0000014846-22-000044-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/14846/000001484622000044/brt-20220915.htm
  HTML page:      https://secwatch.observer/filing/0000014846-22-000044

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