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GOOD > SEC Filings for GOOD > Form 8-K on 31-Mar-2014All Recent SEC Filings

Show all filings for GLADSTONE COMMERCIAL CORP

Form 8-K for GLADSTONE COMMERCIAL CORP


31-Mar-2014

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement.

On March 28, 2014, Gladstone Commercial Corporation, through its wholly owned subsidiary Gladstone Commercial Limited Partnership, and certain of its other wholly owned subsidiaries (collectively, the "Company") amended its Credit Agreement (the "Line of Credit") with KeyBank National Association and certain other lenders.

The amendment:

extends the maturity date 12 months to August 7, 2017;
reduces the capitalization rate used in the calculation of consolidated total asset value and unencumbered asset value from 8.75% to 8.50%;
values new property acquisitions in the calculation of consolidated total asset value and unencumbered asset value at cost for 12 months rather than 6 months; and
reduces the applicable margin for the LIBOR and base rate loans by 25 basis points at each pricing level.

As of March 28, 2014, $24.1 million of borrowings were outstanding under the Line of Credit, leaving availability of $18.7 million.

Additionally, as part of the amendment, the Company paid modification fees in the aggregate of 25 basis points on the $60.0 million commitment.

This description of the Line of Credit is not complete and is qualified by the full text of the First Amendment to the Line of Credit, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and which is incorporated by reference in this report.

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