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AHH > SEC Filings for AHH > Form 8-K on 15-Oct-2013All Recent SEC Filings




Creation of a Direct Financial Obligation or an Obligation under

Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

As previously disclosed, on May 13, 2013, Armada Hoffler, L.P. (the "Operating Partnership"), as borrower, and Armada Hoffler Properties, Inc. (the "Company"), as parent guarantor, entered into a Credit Agreement (the "Credit Agreement") with Bank of America, N.A., as Administrative Agent, Regions Bank, as Syndication Agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Sole Lead Arranger and Sole Bookrunner, and various other lenders (collectively, the "Lenders") in connection with a $100.0 million senior secured revolving credit facility (the "Credit Facility"). Subject to meeting certain conditions described in the Credit Agreement and the payment of certain fees customary for these types of facilities, the maximum amount of borrowings under the Credit Facility can be increased from $100.0 million up to a maximum of $250.0 million (the "Accordion Feature"). The maximum amount of borrowing capacity available to the Operating Partnership under the Credit Agreement is subject to certain limitations including, but not limited to, the appraised value of the properties that form the borrowing base of the Credit Facility.

Effective as of October 10, 2013, the Operating Partnership, the Company and the Lenders agreed to increase the aggregate commitments under the Credit Agreement by $55.0 million (the "Accordion Exercise") pursuant to the Accordion Feature. As a result of the Accordion Exercise, the borrowing capacity under the Credit Agreement increased from $100.0 million to $155.0 million. All other terms of the Credit Agreement remain unchanged and are incorporated herein by reference to the Company's current report on Form 8-K filed on May 17, 2013 (the "Prior 8-K"). A copy of the Credit Agreement was filed as Exhibit 10.1 to the Prior 8-K.

In order to obtain the additional commitments in connection with the Accordion Exercise, the Operating Partnership added six additional properties to the borrowing base of the Credit Facility, and the subsidiaries of the Operating Partnership that own the six properties, together with certain affiliates, agreed to guarantee the obligations of the Operating Partnership under the Credit Agreement.

As of the date of this Current Report on Form 8-K, approximately $60.0 million was outstanding under the Credit Facility. The Company did not make any additional draws on the Credit Facility in connection with the Accordion Exercise.

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