---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-178599"
form_type: "8-K"
ticker: "ONL"
cik: "0001873923"
company_name: "Orion Properties Inc."
filed_at: "2023-06-29T23:59:59+00:00"
generated_at: "2026-06-13T15:07:08.970989+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-178599
- form_type: 8-K
- ticker: ONL
- cik: 0001873923
- company_name: Orion Properties Inc.
- filed_at: 2023-06-29T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1873923/000119312523178599/0001193125-23-178599-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1873923/000119312523178599/d525604d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-178599
- JSON: https://secwatch.observer/filing/0001193125-23-178599.json
- Plain text: https://secwatch.observer/filing/0001193125-23-178599.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1873923/000119312523178599/0001193125-23-178599-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.