secwatch.observer — SEC 8-K summary
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Issuer:     NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP (NEN)
CIK:        0000746514
Form:       8-K
Filed at:   2024-11-27T23:59:59+00:00
Accession:  0001104659-24-123576
Event type: debt
Sentiment:  neutral
Materiality: 0.35
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

New England Realty Associates enters $25M revolving credit line with Brookline Bank
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- $25M revolving line of credit with Brookline Bank; matures Nov 21, 2027 with one-year extension option at Lender's discretion.
- Interest rate: SOFR + 250 bps; unused line fee of 75 bps (waived if Borrower maintains $20M+ deposits with Brookline).
- Financial covenants include Debt Yield ≥8.5%, Leverage Ratio ≤65%, DSCR ≥1.5x, usage ≤1.5x trailing 12-month Adj. EBITDA, min liquidity $15M.
- Facility secured by a first-priority pledge of Borrower's equity interests in its subsidiaries.
- Commitment fee of 25 bps on Maximum Availability paid to Lender.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/746514/000110465924123576/0001104659-24-123576-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/746514/000110465924123576/tm2429658d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-123576

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