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MDH > SEC Filings for MDH > Form 8-K on 28-Mar-2013All Recent SEC Filings

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Entry into a Material Definitive Agreement, Creation of a Direct Financial O

Item 1.01. Entry into a Material Definitive Agreement.

On March 22, 2013, Brownestone Partners, LLC (the "Borrower") and other affiliates of MHI Hospitality Corporation ("MHI" or the "Company"), entered into a First Amendment to Loan Agreement and other amended loan documents to secure additional proceeds on the original $8.0 million mortgage (the "Mortgage Loan") on the Doubletree by Hilton Brownstone-University hotel property with its existing lender, Premier Bank, Inc. (the "Lender").

Pursuant to the amended loan documents:

the Mortgage Loan's principal amount is increased to $10.0 million with no prepayment penalty; and

the interest rate applicable to the Mortgage Loan will be fixed at 5.25%; if the Mortgage Loan is extended, the Mortgage Loan will adjust to a rate of 3.00% plus the current 5-year U.S. Treasury bill rate of interest, with an interest rate floor of 5.25%.

The Company will use proceeds of the Mortgage Loan to redeem 1,901.547 shares of the Company's Series A Cumulative Redeemable Preferred Stock with Essex Illiquid, LLC and Richmond Hill Capital Partners, LP, for an aggregate redemption price of approximately $2.1 million plus the payment of accrued and unpaid cash and stock dividends.

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 of this report is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

On March 28, 2013, the Company issued a press release announcing the amended debt financing of the Doubletree by Hilton Brownstone-University. A copy of the press release is furnished as Exhibit 99.1 hereto.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release of MHI Hospitality Corporation dated March 28, 2013, announcing the amended debt financing of the Doubletree by Hilton Brownstone-University.

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