CMCT subsidiaries enter $150M revolver and $56.23M term loan; matures Dec 2025

Creative Media & Community Trust Corp

Facility consists of $150M secured revolver and $56.23M secured term loan; term loan proceeds repaid existing revolver borrowings.
Maturity December 16, 2025; two one-year extension options available to borrowers.
Interest rates: Term SOFR + 2.5% per annum or Alternate Base Rate + 1.5% per annum.
Financial covenants include max leverage ratio of 60%, minimum net worth, and fixed charge coverage ratio of 1.05x.
Borrowing base is formulaic based on property values; no amount drawn on revolver at closing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Creative Media & Community Trust Corp entered into Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. valued at $150,000,000 secured revolving credit facility and $56,230,000 secured term loan facility (effective 2022-12-16).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: $150,000,000 secured revolving credit facility and $56,230,000 secured term loan facility
Effective: 2022-12-16

Exact text from the filing

On December 16, 2022, certain wholly-owned subsidiaries of Creative Media & Community Trust Corporation (the “ Company ”), consisting of 9460 Wilshire Blvd (BH) Owner, L.P., CIM/11600 Wilshire (Los Angeles), LP, CIM/11620 Wilshire (Los Angeles), LP, 1130 Howard (SF) Owner, L.P., CIM Urban REIT Properties IX, L.P., CIM/J Street Hotel Sacramento, L.P., CIM/J Street Garage Sacramento, L.P., and Two Kaiser Plaza (Oakland) Owner, LLC (each a “ Borrower ” and, together, the “ Borrowers ”), entered into an Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders from time to time party thereto (the “ Credit Agreement ”).

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Creative Media & Community Trust Corp filing history →

Source: SEC EDGAR

accession 0000908311-22-000114

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