Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Ares Commercial Real Estate Corp amended revolving credit with City National Bank at SOFR-based rate plus 3.25% or base rate plus 2.25% maturing March 10, 2025, subject to one 12-month extension.
- Instrument
- revolving credit
- Counterparty
- City National Bank
- Rate
- SOFR-based rate plus 3.25% or base rate plus 2.25%
- Maturity
- March 10, 2025, subject to one 12-month extension
- Event
- amendment
Exact text from the filing
On January 31, 2024, Ares Commercial Real Estate Corporation (the “Company”), as guarantor, and ACRC Lender LLC, a subsidiary of the Company (the “Borrower”), entered into an amendment to the secured revolving funding facility with City National Bank (the “CNB Facility”). The purpose of the amendment was to, among other things: (1) extend the initial maturity date of the CNB Facility to March 10, 2025, subject to one 12-month extension, which may be exercised at the Borrower’s option if certain conditions described in the CNB Facility are met, including the payment of applicable extension fees; and (2) set the interest rate on advances under the CNB Facility to a per annum rate equal to the sum of, at the Borrower’s option, either (a) a SOFR-based rate plus 3.25% or (b) a base rate plus 2.25%, in each case, subject to an interest rate floor.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Ares Commercial Real Estate Corp amended a credit facility with City National Bank (effective 2024-01-31).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- City National Bank
- Effective
- 2024-01-31
Exact text from the filing
On January 31, 2024, Ares Commercial Real Estate Corporation (the “Company”), as guarantor, and ACRC Lender LLC, a subsidiary of the Company (the “Borrower”), entered into an amendment to the secured revolving funding facility with City National Bank (the “CNB Facility”).
View on SEC.gov