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Quotes & Info
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| MPG > SEC Filings for MPG > Form 8-K on 11-Jul-2012 | All Recent SEC Filings |
11-Jul-2012
Entry into a Material Definitive Agreement, Regulation FD Disclosure, Fina
On July 11, 2012, MPG Office Trust, Inc. (the "Company") announced the extension of its mortgage loan at KPMG Tower for an additional one year, to October 9, 2013.
As part of the extension, the Company repaid $35 million of principal, which reduced the outstanding loan balance from $400 million to $365 million. Additionally, the Company funded a $5 million leasing reserve and agreed to a full cash sweep of excess operating cash flow beginning on September 9, 2012. Excess operating cash flow (cash flow after the funding of certain reserves, the payment of property operating expenses and the payment of debt service) will be applied to fund a $1.5 million capital expenditure reserve, to fund an additional $5 million into the leasing reserve, and thereafter, to reduce the outstanding principal balance of the loan.
The interest rate on the loan is LIBOR plus 1.65%. Beginning on October 10, 2012, the $320.8 million A?Note will bear interest at LIBOR plus 3.00% and the $44.2 million B?Note will bear interest at LIBOR plus 5.10%.
This description is qualified in its entirety by reference to the full text of the first amendment to the loan agreement and reaffirmation of loan documents that we will file at a later date.
The information in this Item 7.01 of this Current Report on Form 8-K, including the exhibit attached hereto, is furnished pursuant to Item 7.01 and shall not be "filed" for any purpose. Such information shall not be deemed incorporated by reference into any filing, regardless of any general incorporation language in such filing.
On July 11, 2012, we issued a press release announcing the extension of our KPMG Tower mortgage loan, a copy of which is furnished as Exhibit 99.1 herewith.
(a) Financial statements of businesses acquired: None.
(b) Pro forma financial information: None.
(c) Shell company transactions: None.
(d) Exhibits:
The following exhibit is furnished with this Current Report on Form 8-K:
Exhibit No. Description
99.1** Press release dated July 11, 2012 regarding the extension of the KPMG
Tower mortgage loan
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