UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
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Item 1.01. | Entry into a Material Definitive Agreement. |
On March 10, 2021, CTO Realty Growth, Inc. (the “Company”) and certain subsidiaries of the Company entered into a Sixth Amendment to the Second Amended and Restated Credit Agreement and Joinder (the “Sixth Amendment”), which further amends that certain Second Amended and Restated Credit Agreement dated as of September 7, 2017, by and among the Company, as borrower, certain subsidiaries of the Company that are parties thereto, as guarantors, and Bank of Montreal, as administrative agent, L/C Issuer and Swing Line lender, and the other lenders party thereto (as amended, the “Credit Agreement”).
The Credit Agreement, as amended by the Sixth Amendment, provides that, among other things:
● | the revolving credit commitment of the lenders shall be increased by $10 million to $210 million; |
● | the addition of Term Loan Commitments and making of Term Loans from the Term Loan Lenders (each as defined in the Credit Agreement) in the aggregate amount of $50 million; |
● | Updates to the Securities Overnight Financing Rate (“SOFR”) provisions; and |
● | the joinder of The Huntington National Bank as a Term Loan Lender and Revolving Lender each as defined in the Credit Agreement. |
The foregoing description of the Sixth Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of the Second Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 7.01. | Regulation FD Disclosure. |
On March 10, 2021, the Company issued a press release regarding the entry into the Second Amendment. A copy of the press release is furnished as Exhibit 99.1 to Current Report on Form 8-K.
Item 9.01. | Financial Statements and Exhibits. |
(d)Exhibits
Exhibit No. | Description |
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Sixth Amendment to Second Amended and Restated Credit Agreement and Joinder, dated as of March 10, 2021. | |
Press release issued March 10, 2021. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 12, 2021 | CTO Realty Growth, Inc. | |
By: | /s/Matthew M. Partridge | |
Matthew M. Partridge, | ||
Senior Vice President, Chief Financial Officer and | ||
Treasurer |