ONE LIBERTY PROPERTIES INC (OLP): debt financing — One Liberty Properties amends $100M credit facility: extends maturity to 2026, switches to SOFR

ONE LIBERTY PROPERTIES INC

Facility maturity extended from Dec 2022 to Dec 2026; renovation/opex cap raised to $40M or 40% of borrowing base.
Required unencumbered properties increased to 15 (from 10) with min value $100M (from $75M).
Property cap rate reduced from 7.625% to 7.25%; tangible net worth requirement raised to $200M plus 80% of future equity.
Interest rate benchmark changed from 30-day LIBOR to 30-day SOFR; $666,000 fee paid.
As of Nov 8, $13.8M outstanding, $86.2M available under the facility.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ONE LIBERTY PROPERTIES INC amended credit facility of $100 million with Manufacturers and Traders Trust Company and VNB New York, LLC at 30-day SOFR maturing December 31, 2026.

Instrument: credit facility
Principal: $100 million
Counterparty: Manufacturers and Traders Trust Company and VNB New York, LLC
Rate: 30-day SOFR
Maturity: December 31, 2026
Event: amendment

Exact text from the filing

Loan Agreement with, among others, Manufacturers and Traders Trust Company and VNB New York, LLC. The Amendment, among other things: ● extends the expiration date of the $100 million facility from December 31, 2022 to December 31, 2026; ● increases the aggregate amount that may be used for renovation and operating expense purposes to the lesser of $40

View on SEC.gov

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

ONE LIBERTY PROPERTIES INC amended Amendment with Manufacturers and Traders Trust Company and VNB New York, LLC (effective 2022-11-08).

Action: amendment
Agreement: credit facility
Counterparty: Manufacturers and Traders Trust Company and VNB New York, LLC
Effective: 2022-11-08

Exact text from the filing

On or about November 8, 2022, we entered into the fourth amendment (the “Amendment”) to the Third Amended and Restated Loan Agreement with, among others, Manufacturers and Traders Trust Company and VNB New York, LLC.

View on SEC.gov

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ONE LIBERTY PROPERTIES INC filing history →

Source: SEC EDGAR

accession 0001213900-22-070608

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