CIM REAL ESTATE FINANCE TRUST, INC. (CMRF): debt financing — CIM Real Estate Finance Trust Amends Repurchase Facility, Reduces to $512M, Adds $250M New Facility

CIM REAL ESTATE FINANCE TRUST, INC.

Fourth Amendment to existing repurchase agreement with Wells Fargo extends termination date to August 30, 2026 and reduces maximum financing from $750M to approximately $512M.
New Master Repurchase Agreement between CLR RE Lending Sub WF, LLC (subsidiary of CIM Commercial Lending REIT) and Wells Fargo provides up to $250M financing for commercial real estate loans.
CIM Real Estate Finance Trust and CIM Commercial Lending REIT guarantee obligations under the new facility, with financial covenants including minimum liquidity of $50M and tangible net worth of $1B+.
Fourth Amendment updates benchmark provisions to Term SOFR, removes LIBOR definitions, and includes conforming changes for rate administration.

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

CIM REAL ESTATE FINANCE TRUST, INC. amended credit facility of $750.0 million to approximately $512.0 million with Wells Fargo Bank, National Association maturing 2026-08-30.

Instrument: credit facility
Principal: $750.0 million to approximately $512.0 million
Counterparty: Wells Fargo Bank, National Association
Maturity: 2026-08-30
Event: amendment

Exact text from the filing

the Fourth Amendment, among other things, extends the facility termination date from August 30, 2025 to August 30, 2026. Additionally, the fee letter that was entered into in connection with the CMFT Repurchase Agreement was amended and restated to, among other things, reduce the maximum financing amount of the CMFT Repurchase Facility from $750.0 million to approximately $512.0 million.

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

CIM REAL ESTATE FINANCE TRUST, INC. incurred credit facility of up to $250.0 million of financing with Wells Fargo Bank, National Association at per annum rates based on the Term Secured Overnight Financing Rate (“SOFR”), plu maturing 2027-08-15.

Instrument: credit facility
Principal: up to $250.0 million of financing
Counterparty: Wells Fargo Bank, National Association
Rate: per annum rates based on the Term Secured Overnight Financing Rate (“SOFR”), plu
Maturity: 2027-08-15
Event: incurrence

Exact text from the filing

(the “Company”), entered into that certain Fourth Amendment to Master Repurchase and Securities Contract (the “Fourth Amendment”) with Wells Fargo Bank, National Association (“Wells Fargo”), which amended that certain Master Repurchase and Securities Contract, by and between Lender Sub and Wells Fargo, dated May 20, 2021 (the “CMFT Repurchase Agreement”), which was entered into for the purpose of providing financing in connection with Wells Fargo’s purchase of certain eligible assets from the Lender Sub via advances from Wells Fargo to the Lender Sub (the “CMFT Repurchase Facility”), as described in the Company’s Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission (the “SEC”) on May 26, 2021, and as amended on October 28, 2021, March 4, 2022, and August 31, 2022 as discussed in a Current Report on Form 8-K filed with the SEC on November 3, 2021, Ma

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Source: SEC EDGAR

accession 0001498547-25-000065

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