secwatch.observer — SEC 8-K summary
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Issuer:     DIVERSIFIED HEALTHCARE TRUST (DHC)
CIK:        0001075415
Form:       8-K
Filed at:   2023-02-16T23:59:59+00:00
Accession:  0001104659-23-022489
Event type: debt
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

DHC amends credit facility; commitments cut to $450M, liquidity minimum halved to $100M, dividend capped at $0.01/share
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- Facility commitments reduced from $586.4M to $450M; no further reborrowing allowed.
- Minimum liquidity requirement lowered from $200M to $100M; fixed charge coverage waiver extended through Jan 2024.
- Dividend limited to $0.01/share per quarter to maintain REIT status; additional debt and acquisitions restricted.
- Interest rate premium increased from 250 bps to 290 bps; LIBOR replaced with SOFR effective immediately.
- Post-closing covenant requires deposit account control agreements for collateral property accounts within 60 days.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1075415/000110465923022489/0001104659-23-022489-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1075415/000110465923022489/tm236899d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-022489

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