Extends KeyBank bridge loan maturity to Apr 2024; replaces LIBOR with SOFR

Strategic Student & Senior Housing Trust, Inc.

Extended maturity of ~$26.4M KeyBank bridge loans from Apr 2023 to Apr 2024.
Paid extension fee of 0.35% of outstanding balance (~$92,400).
Replaced LIBOR with SOFR as interest rate benchmark; SOFR margin set at 4.00%.
Added quarterly Total Collateral Ratio >=1.20x and EXR Collateral Ratio >=1.00x covenants.
Partial release of certain equity interests from collateral; cure period of 10 business days if ratios breached.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Strategic Student & Senior Housing Trust, Inc. amended Seventh Amendment to the KeyBank Bridge Loans with KeyBank National Association valued at Extension fee equal to 0.35% of outstanding principal balance; outstanding balance approximately $26 (effective 2022-10-28).

Action: amendment
Agreement: credit facility
Counterparty: KeyBank National Association
Value: Extension fee equal to 0.35% of outstanding principal balance; outstanding balance approximately $26
Effective: 2022-10-28

Exact text from the filing

On October 28, 2022, the KeyBank Bridge Borrowers entered into the Seventh Amendment to the KeyBank Bridge Loans (the “Seventh Amendment”) that extended the maturity date of the KeyBank Bridge Loans from April 30, 2023 to April 30, 2024.

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Strategic Student & Senior Housing Trust, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-22-021788

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