SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event Reported): February 16, 2021 (
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|Item 1.01|| |
Entry into a Material Definitive Agreement.
On February 11, 2021, Gladstone Commercial Corporation (the “Company”), through its wholly-owned subsidiary Gladstone Commercial Limited Partnership, entered into the Third Amended and Restated Credit Agreement and Other Loan Documents with KeyBank National Association, as agent, joint lead arranger and book manager, Fifth Third Bank, U.S. Bank National Association and The Huntington National Bank, as joint lead arrangers and co-syndication agents, and Fifth Third Bank as documentation agent, and certain other lenders party thereto (the “Amended Credit Facility”).
The Amended Credit Facility increases the overall credit facility size from $260 million to $325 million with the addition of a new $65 million term loan component, inclusive of a $15 million delayed funding component (the “New Term Loan”). The New Term Loan has a maturity date of 60 months from the closing of the Amended Credit Facility and a London Inter-bank Offered Rate floor of 25 basis points.
The Amended Credit Facility does not change the terms of the existing $160 million term loan component or the existing $100 million revolving credit facility component. The Amended Credit Facility continues to include customary terms, covenants, events of default and constraints on borrowing availability based on collateral tests for a credit facility of its size and nature.
The foregoing summary of the Amended Credit Facility is not complete and is qualified in its entirety by reference to a copy the Amended Credit Facility, which will be filed with the Company’s next periodic report.
|Item 2.03.|| |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 is hereby incorporated by reference into this Item 2.03.
|Item 9.01.|| |
Financial Statements and Exhibits
|104||Cover Page Interactive Data File (embedded within the Inline XBRL document)|
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Gladstone Commercial Corporation
|February 16, 2021||By:|
Chief Financial Officer