secwatch.observer — SEC 8-K summary
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Issuer:     Creative Media & Community Trust Corp (CMCT)
CIK:        0000908311
Form:       8-K
Filed at:   2022-12-20T23:59:59+00:00
Accession:  0000908311-22-000114
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/908311/000090831122000114/0000908311-22-000114-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/908311/000090831122000114/cmct-20221216.htm
  HTML page:      https://secwatch.observer/filing/0000908311-22-000114

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