Orion Office REIT amends credit agreement to replace LIBOR with SOFR benchmark

Orion Properties Inc.

Amendment changes benchmark rate from LIBOR to SOFR for $425M revolver and $175M term loan.
Outstanding revolver $9.0M at 6.39% interest; term loan $175M swapped to 3.17% fixed.
Applicable margin unchanged: 2.50% for SOFR loans, 1.50% for base rate loans.
Amendment updates provisions for successor interest rates to LIBOR.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Orion Properties Inc. amended First Amendment with Wells Fargo Bank, N.A., as Administrative Agent and the lenders party thereto (effective 2022-12-01).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, N.A., as Administrative Agent and the lenders party thereto
Effective: 2022-12-01

Exact text from the filing

On December 1, 2022, Orion Office REIT Inc. (the “Company”), as parent, and its operating partnership, Orion Office REIT LP (“Orion OP”), as borrower, entered into that certain First Amendment (the “Amendment”) to its credit agreement with Wells Fargo Bank, N.A., as Administrative Agent (as amended, the “Revolver/Term Loan Credit Agreement”) and the lenders party thereto.

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Source: SEC EDGAR

accession 0001193125-22-298419

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