Orion Office REIT repays $175M term loan using revolver, extends maturity option to 2026

Orion Properties Inc.

Repaid $175M senior term loan (due Nov 2023) with borrowings from $425M revolver; now $175M drawn, $250M available.
Option to extend revolver maturity 18 months to May 12, 2026, subject to extension fee and conditions.
Interest rate on $175M revolver effectively fixed at 3.92% via swap until Nov 12, 2023; margins increased to SOFR+3.25%.
New covenants: unencumbered asset value ≥ $600M, secured debt ratio ≤ 0.40, cash sweep for balances over $25M.
Dividend payments limited to 95% of FFO (pre-2023) and 100% of AFAF thereafter.

item 1.01 item 2.03 item 7.01 item 9.01

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 Amendment with Wells Fargo Bank, N.A., as Administrative Agent (effective 2023-06-29).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, N.A., as Administrative Agent
Effective: 2023-06-29

Exact text from the filing

On June 29, 2023, Orion Office REIT Inc. (the “Company”), as parent, and its operating partnership, Orion Office REIT LP (“Orion OP”), as borrower, entered into an amendment (the “Amendment”) to its credit agreement with Wells Fargo Bank, N.A., as Administrative Agent, and the lenders party thereto (as amended, the “Credit Agreement”).

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Orion Properties Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-178599

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