Offerpad extends loan revolving period to Oct 10, 2023 while negotiating renewal

Offerpad Solutions Inc.

Amendment No. 5 extends Revolving Period from Sep 10 to earliest of Oct 10, 2023, default, or early amortization.
Extension allows Offerpad and lenders additional time to finalize a renewal of the facilities.
JPMorgan Chase Bank, N.A., AG entities (AG Mortgage Value Partners, AG Asset Based Credit, AG TCDRS, AG Centre Street) are lenders.
Pledgor and Guarantor reaffirmed their guarantees under the Guaranty Agreement and Limited Guaranty.

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

Offerpad Solutions Inc. amended Amendment No. 5 to Loan and Security Agreement and Reaffirmation of Guarantees with JPMorgan Chase Bank, N.A., AG Mortgage Value Partners Onshore Master Fund, L.P., AG Asset Based Credit Master Fund (B), L.P., AG TCDRS, L.P. and AG Centre Street Partnership, L.P. (effective 2023-09-05).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., AG Mortgage Value Partners Onshore Master Fund, L.P., AG Asset Based Credit Master Fund (B), L.P., AG TCDRS, L.P. and AG Centre Street Partnership, L.P.
Effective: 2023-09-05

Exact text from the filing

On September 5, 2023, Offerpad SPE Borrower A, LLC, Offerpad SPE Borrower A Holdings, LLC, and Offerpad Holdings LLC (collectively, the “Offerpad Parties”), each a wholly owned subsidiary of Offerpad Solutions Inc. (“Offerpad”), and JPMorgan Chase Bank, N.A., AG Mortgage Value Partners Onshore Master Fund, L.P., AG Asset Based Credit Master Fund (B), L.P., AG TCDRS, L.P. and AG Centre Street Partnership, L.P. (each, a “Lender”) entered into Amendment No. 5 to Loan and Security Agreement and Reaffirmation of Guarantees (“Amendment No. 5"), which amends that certain Loan and Security Agreement, dated as of September 21, 2021

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Offerpad Solutions Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-231553

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