{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-23-018563","form_type":"8-K","ticker":"FSP","cik":"0001031316","company_name":"FRANKLIN STREET PROPERTIES CORP /MA/","filed_at":"2023-02-10T23:59:59+00:00","discovered_at":"2026-05-14T18:03:43.581834+00:00","generated_at":"2026-06-19T17:25:28.430550+00:00","sec_items":["1.01","2.03","8.01","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"FSP amends credit facilities, extends maturities to Oct 2024, caps dividend at $0.01/share, halts buybacks","bullets":["BofA revolver maturity extended to Oct 1, 2024; availability reduced to $150M (step-downs to $125M Oct '23, $100M Apr '24).","BMO term loan maturity extended to Oct 1, 2024; repaid $40M, $125M remains; additional $25M due Apr 1, 2024.","Interest rates set to SOFR + 300 bps; incurred $0.4M loss on extinguishment for BofA revolver.","Quarterly dividend capped at $0.01/share; Board discontinued $50M share repurchase program.","Proceeds from property dispositions to be used primarily for debt repayment."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-23-018563","json":"https://secwatch.observer/filing/0001104659-23-018563.json","markdown":"https://secwatch.observer/filing/0001104659-23-018563.md","text":"https://secwatch.observer/filing/0001104659-23-018563.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1031316/000110465923018563/0001104659-23-018563-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1031316/000110465923018563/tm236218d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-19T17:25:28.430550+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"334aba91c1adefaa9751798eb9c7e27e474dead5","claim":"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.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1031316/000110465923018563/0001104659-23-018563-index.htm","confidence":0.95,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"revolving credit"},{"label":"Principal","value":"reduce availability for borrowings, at the Company’s election, from up to $237.5 million to up to $150 million"},{"label":"Counterparty","value":"Bank of America, N.A."},{"label":"Rate","value":"change the interest rate from a number of basis points over the Secured Overnigh"},{"label":"Maturity","value":"extend the maturity date from January 12, 2024 to October 1, 2024"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"},{"claim_id":"d989497f2403dfacb271d07f0f2622affa0c5c20","claim":"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.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1031316/000110465923018563/0001104659-23-018563-index.htm","confidence":0.95,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"term loan"},{"label":"Principal","value":"The BMO Term Loan was initially for an unsecured term loan borrowing in the amount of $220 million, of which $125 millio"},{"label":"Counterparty","value":"Bank of Montreal"},{"label":"Rate","value":"change the interest rate from a number of basis points over LIBOR depending on t"},{"label":"Maturity","value":"extend the maturity date from January 31, 2024 to October 1, 2024"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"},{"claim_id":"598769316f46e0ba6dbd0c10343bc55181c2b467","claim":"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).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1031316/000110465923018563/0001104659-23-018563-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"amendment"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Bank of Montreal"},{"label":"Value","value":"Extended maturity from Jan 31, 2024 to Oct 1, 2024; interest changed from LIBOR-based to SOFR+300bps"},{"label":"Effective","value":"2023-02-10"}],"fact_type":"material_agreement"},{"claim_id":"e567b529d32fbf93508c3e2d963cfcd7278511ff","claim":"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).","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1031316/000110465923018563/0001104659-23-018563-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"amendment"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Bank of America, N.A."},{"label":"Value","value":"Extended maturity to 2024-10-01; reduced availability from $237.5M to $150M (further reductions to $"},{"label":"Effective","value":"2023-02-10"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}