CMFT and CLR amend repurchase agreement with Deutsche Bank, add joint guaranty and financial covenants

CIM REAL ESTATE FINANCE TRUST, INC.

Guarantors (CMFT and CLR) now jointly and severally guarantee up to 25% of aggregate repurchase price of purchased loans.
Financial covenants include minimum liquidity of $50M, tangible net worth ≥$1B (plus 75% of equity issued), EBITDA/interest ≥1.40x, leverage ≤4.00x.
A Guarantor Replacement Event allows CLR to become sole guarantor once conditions are met.
The Second Amendment also updates definitions (Change of Control, Manager) and extends the existing repurchase facility terms.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CIM REAL ESTATE FINANCE TRUST, INC. entered into Second Amendment to Amended and Restated Master Repurchase Agreement and Amended and Restated Guaranty with Deutsche Bank AG, New York Branch valued at Amendment to repurchase agreement to include provisions for new guaranty, with joint and several gua (effective 2023-12-22).

Action: entry
Agreement: credit facility
Counterparty: Deutsche Bank AG, New York Branch
Value: Amendment to repurchase agreement to include provisions for new guaranty, with joint and several gua
Effective: 2023-12-22

Exact text from the filing

The Second Amendment amended the Repurchase Agreement to, among other things, include provisions and terms in connection with the Guarantors’ (as defined below) entry into the Restated Guaranty (as defined below).

View on SEC.gov

301 material agreements filed in the last 30 days. Browse all material agreements →

CIM REAL ESTATE FINANCE TRUST, INC. filing history →

Source: SEC EDGAR

accession 0001498547-23-000088

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.