secwatch.observer — SEC 8-K summary
======================================

Issuer:     FRANKLIN STREET PROPERTIES CORP /MA/ (FSP)
CIK:        0001031316
Form:       8-K
Filed at:   2022-01-12T23:59:59+00:00
Accession:  0001558370-22-000225
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Franklin Street Properties enters $217.5M revolver, terminates $600M prior facility
--------------------------------------------------------------------------------

- New $217.5M revolving credit facility with Bank of America, maturing January 12, 2024, with accordion up to $750M.
- Prior $600M revolver terminated with no outstanding borrowings; existing $400M term loan ($110M outstanding) unaffected.
- Interest rates based on leverage ratio (1.55%-2.35% over SOFR) or optional credit rating grid.
- Proceeds for acquisitions, investments, refinancing debt, and general corporate purposes.
- Financial covenants include minimum tangible net worth, max leverage ratio, and dividend distribution limit of 95% of FFO.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1031316/000155837022000225/0001558370-22-000225-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1031316/000155837022000225/fsp-20220110x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-22-000225

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer