Trinity Place completes $166.7M refinancing with Macquarie, $4.8M private placement, and announces rights offering

Trinity Place Holdings Inc.

$166.7M inventory loan from Macquarie; 2-yr term +1-yr extension; interest LIBOR+7% (floor 7.25%), step-up to 9%+ if balance >$91M after Apr 2023.
Private placement of 2,539,473 shares at $1.90 from MFP Partners and Third Avenue Management, raising $4.825M.
Rights offering: record date Nov 3, 2021; rights to buy up to 2.65M shares at $1.90; CEO to subscribe for at least 52,631 shares.
77 Greenwich occupancy begun; school opening Sep 2022; blended interest rate ~115bps lower than prior construction loan.

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