POSTAL REALTY TRUST, INC. : Entering into a material definitive agreement, results of operations and financial condition, creation of a direct financial obligation or an obligation under an off-balance sheet arrangement of a registrant, financial statements and exhibits (Form 8- K)
Item 1.01. Conclusion of a significant definitive agreement.
May 11, 2022(the "Amendment Effective Date"), Postal Realty Trust, Inc.(the "Company"), Postal Realty LP(the "Borrower"), certain subsidiaries of the Company, Bank of Montreal, as administrative agent (the "Administrative Agent"), and certain lenders party to the Credit Agreement (as defined below) entered into that certain First Amendment to Credit Agreement (the "First Amendment"), which amends that certain Credit Agreement dated as of August 9, 2021, entered into by and among the Company, the Borrower, certain subsidiaries of the Company, the Administrative Agent and the lenders party thereto (as amended by the First Amendment, the "Credit Agreement"). Capitalized terms used below and not defined herein have the meanings ascribed to them in the Credit Agreement.
The First Amendment provides, among other things, the following modifications to the Credit Agreement, effective as of the effective date of the Amendment:
•adding a new
$75 millionsenior unsecured delayed draw term loan facility with a maturity date of February 11, 2028(the "Delayed Draw Term Loan"), which may be borrowed commencing on the Amendment Effective Date and continuing until the date that is 12 months after the Amendment Effective Date, subject to satisfaction of the terms set forth in the First Amendment; •increasing the accordion feature for term loans under the Credit Agreement (including the Delayed Draw Term Loan) to $75 million; •replacing LIBOR with the Secured Overnight Financing Rate as the benchmark interest rate; and •allowing for a decrease in the applicable margin by 0.02% if the Company achieves certain sustainability targets as set forth in the Credit Agreement. The foregoing summary of the First Amendment and the Credit Agreement, as amended by the First Amendment, does not purport to be complete and is qualified in its entirety by reference to the First Amendment, a copy of which is attached as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the First Amendment is qualified in its entirety by reference to the full text of the First Amendment.
Section 2.02. Results of Operations and Financial Condition.
The Company issued a press release on
The information in this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act except as set forth by specific reference in such filing.
Item 2.03 Creation of a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The information set out in Section 1.01 is incorporated herein by reference in this Section 2.03.
Section 9.01. Financial statements and supporting documents.
(d) Exhibits. Exhibit No. Document 10.1 First Amendment to Credit Agreement, dated May
11, 2022, by and among Postal
Realty LP, Postal Realty Trust, Inc., the certain
subsidiaries from time to time
time party thereto as guarantors, and Bank of
agent, and the several banks and financial
institutions party to it as
lenders. 99.1 Press Release of Postal Realty Trust, Inc., dated May 11 , 202 2 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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