Empire State Realty Trust, Inc. (ESRT): debt financing — Empire State Realty OP enters $620M revolver and $95M term loan, maturing 2028 and 2027

Empire State Realty Trust, Inc.

Second Amended and Restated Credit Agreement with Bank of America as admin agent for $620M revolver and $95M term loan.
Revolver matures March 8, 2028, extendable by two six-month periods; term loan matures March 8, 2027, extendable by two twelve-month periods.
Pricing based on SOFR plus margin ranging from 1.300%–1.700% (revolver) and 1.500%–2.050% (term loan) with potential reduction upon achieving investment-grade rating.
Sustainability component allows improved pricing upon achieving certain sustainability ratings.
Third Amendment to Wells Fargo credit agreement made conforming changes, no change to commitment amount or maturity.

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

Empire State Realty Trust, Inc. incurred revolving credit of $620 million with Bank of America, N.A. (as administrative agent) at the term SOFR rate, plus, a margin ranging from (x) 1.300% to 1.700% per annum, maturing March 8, 2028.

Instrument: revolving credit
Principal: $620 million
Counterparty: Bank of America, N.A. (as administrative agent)
Rate: the term SOFR rate, plus, a margin ranging from (x) 1.300% to 1.700% per annum,
Maturity: March 8, 2028
Event: incurrence

Exact text from the filing

among the Operating Partnership, the Company, Bank of America, N.A., as administrative agent, and the other parties named therein. The BofA Credit Agreement is comprised of a $620 million senior unsecured revolving credit facility (the “ Revolving Credit Facility ”) and a $95 million term loan facility (the “ BofA Term Loan Facility ”, and, together with the

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

Empire State Realty Trust, Inc. incurred term loan of $95 million with Bank of America, N.A. (as administrative agent) at 1.500% to 2.050% per annum, in the case of term loans maturing March 8, 2027.

Instrument: term loan
Principal: $95 million
Counterparty: Bank of America, N.A. (as administrative agent)
Rate: 1.500% to 2.050% per annum, in the case of term loans
Maturity: March 8, 2027
Event: incurrence

Exact text from the filing

the other parties named therein. The BofA Credit Agreement is comprised of a $620 million senior unsecured revolving credit facility (the “ Revolving Credit Facility ”) and a $95 million term loan facility (the “ BofA Term Loan Facility ”, and, together with the Revolving Credit Facility, the “ BofA Facilities ”). The Operating Partnership may request that the

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

Empire State Realty Trust, Inc. amended Second Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent, Wells Fargo Bank, National Association and JPMorgan Chase Bank, N.A., as co-syndication agents, and the lenders and the letter of credit issuers party thereto valued at $620 million senior unsecured revolving credit facility and a $95 million term loan facility (effective 2024-03-08).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, Wells Fargo Bank, National Association and JPMorgan Chase Bank, N.A., as co-syndication agents, and the lenders and the letter of credit issuers party thereto
Value: $620 million senior unsecured revolving credit facility and a $95 million term loan facility
Effective: 2024-03-08

Exact text from the filing

On March 8, 2024, Empire State Realty OP, L.P. (the “ Operating Partnershi p”) and its general partner, Empire State Realty Trust, Inc. (the “ Company ”) entered into a Second Amended and Restated Credit Agreement (the “ BofA Credit Agreement ”) with Bank of America, N.A., as administrative agent, Wells Fargo Bank, National Association and JPMorgan Chase Bank, N.A., as co-syndication agents, and the lenders and the letter of credit issuers party thereto.

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

Empire State Realty Trust, Inc. amended Third Amendment to that certain Credit Agreement, dated as of March 19, 2020 with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (effective 2024-03-13).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto
Effective: 2024-03-13

Exact text from the filing

On March 13, 2024, the Operating Partnership and the Company entered into a Third Amendment to that certain Credit Agreement, dated as of March 19, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “ WF Credit Agreement ”) among the Company, the Operating Partnership, the lenders party thereto from time to time and Wells Fargo Bank, National Association, as administrative agent.

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299 debt financings filed in the last 30 days. Browse all debt financings →

Empire State Realty Trust, Inc. filing history →

Source: SEC EDGAR

accession 0001541401-24-000007

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