Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
FRANKLIN STREET PROPERTIES CORP /MA/ amended revolving credit of reduce availability for borrowings, at the Company’s election, from up to $237.5 million to up to $150 million with Bank of America, N.A. at change the interest rate from a number of basis points over the Secured Overnigh maturing extend the maturity date from January 12, 2024 to October 1, 2024.
- Instrument
- revolving credit
- Principal
- reduce availability for borrowings, at the Company’s election, from up to $237.5 million to up to $150 million
- Counterparty
- Bank of America, N.A.
- Rate
- change the interest rate from a number of basis points over the Secured Overnigh
- Maturity
- extend the maturity date from January 12, 2024 to October 1, 2024
- Event
- amendment
Exact text from the filing
The BofA First Amendment amended the Credit Agreement dated January 10, 2022 among the Company and the lending institutions party thereto (the “Original BofA Credit Agreement”) to, among other things, (i) extend the maturity date from January 12, 2024 to October 1, 2024, (ii) reduce availability for borrowings, at the Company’s election, from up to $237.5 million to up to $150 million, and (iii) change the interest rate from a number of basis points over the Secured Overnight Financing Rate (“SOFR”) depending on the Company’s credit rating under the Original BofA Credit Agreement to 300 basis points over SOFR.
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Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
FRANKLIN STREET PROPERTIES CORP /MA/ amended term loan of The BMO Term Loan was initially for an unsecured term loan borrowing in the amount of $220 million, of which $125 millio with Bank of Montreal at change the interest rate from a number of basis points over LIBOR depending on t maturing extend the maturity date from January 31, 2024 to October 1, 2024.
- Instrument
- term loan
- Principal
- The BMO Term Loan was initially for an unsecured term loan borrowing in the amount of $220 million, of which $125 millio
- Counterparty
- Bank of Montreal
- Rate
- change the interest rate from a number of basis points over LIBOR depending on t
- Maturity
- extend the maturity date from January 31, 2024 to October 1, 2024
- Event
- amendment
Exact text from the filing
The BMO First Amendment amended the Second Amended and Restated Credit Agreement dated September 27, 2018 among the Company and the lending institutions party thereto (the “Original BMO Credit Agreement”) to, among other things, (i) extend the maturity date from January 31, 2024 to October 1, 2024 and (ii) change the interest rate from a number of basis points over LIBOR depending on the Company’s credit rating under the Original BMO Credit Agreement to 300 basis points over SOFR. The BMO Term Loan was initially for an unsecured term loan borrowing in the amount of $220 million, of which $125 million remains outstanding.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
FRANKLIN STREET PROPERTIES CORP /MA/ amended First Amendment to Second Amended and Restated Credit Agreement (BMO First Amendment) with Bank of Montreal valued at Extended maturity from Jan 31, 2024 to Oct 1, 2024; interest changed from LIBOR-based to SOFR+300bps (effective 2023-02-10).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Bank of Montreal
- Value
- Extended maturity from Jan 31, 2024 to Oct 1, 2024; interest changed from LIBOR-based to SOFR+300bps
- Effective
- 2023-02-10
Exact text from the filing
On February 10, 2023, the Company entered into a First Amendment to Second Amended and Restated Credit Agreement (the “BMO First Amendment”) with Bank of Montreal, as administrative agent, and the other lending institutions party thereto to amend its existing term loan (as amended by the BMO First Amendment, the “BMO Term Loan”). The BMO First Amendment amended the Second Amended and Restated Credit Agreement dated September 27, 2018 among the Company and the lending institutions party thereto (the “Original BMO Credit Agreement”) to, among other things, (i) extend the maturity date from January 31, 2024 to October 1, 2024 and (ii) change the interest rate from a number of basis points over LIBOR depending on the Company’s credit rating under the Original BMO Credit Agreement to 300 basis points over SOFR.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
FRANKLIN STREET PROPERTIES CORP /MA/ amended First Amendment to Credit Agreement (BofA First Amendment) with Bank of America, N.A. valued at Extended maturity to 2024-10-01; reduced availability from $237.5M to $150M (further reductions to $ (effective 2023-02-10).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Bank of America, N.A.
- Value
- Extended maturity to 2024-10-01; reduced availability from $237.5M to $150M (further reductions to $
- Effective
- 2023-02-10
Exact text from the filing
On February 10, 2023, Franklin Street Properties Corp. (the “Company”) entered into a First Amendment to Credit Agreement (the “BofA First Amendment”) with Bank of America, N.A., as administrative agent, a letter of credit issuer and a lender, and the other lending institutions party thereto to amend its existing revolving line of credit (as amended by the BofA First Amendment, the “BofA Revolver”). The BofA First Amendment amended the Credit Agreement dated January 10, 2022 among the Company and the lending institutions party thereto (the “Original BofA Credit Agreement”) to, among other things, (i) extend the maturity date from January 12, 2024 to October 1, 2024, (ii) reduce availability for borrowings, at the Company’s election, from up to $237.5 million to up to $150 million, and (iii) change the interest rate from a number of basis points over the Secured Overnight Financing Rate (“SOFR”) depending on the Company’s credit rating under the Original BofA Credit Agreement to 300 bas
View on SEC.gov