Item 1.01. Entry into a Material Definitive Agreement
On
The Amendment, among other things, (i) changes the benchmark rate under the
Revolver/Term Loan Credit Agreement for borrowings from LIBOR to SOFR (the
secured overnight financing rate as administered by the
Following the effectiveness of the Amendment, the interest rate applicable to loans under the Revolver/Term Loan Facilities may, at the election of Orion OP, be determined on the basis of Daily Simple SOFR, Term SOFR or a base rate, in the case of a SOFR loan, plus a SOFR adjustment of 0.10% per annum, and in the case of a SOFR loan or a base rate loan, plus an applicable margin. This applicable margin was not adjusted as a result of the Amendment other than the change from LIBOR to SOFR and is now (1) in the case of the Revolving Facility, 2.50% for SOFR loans and 1.50% for base rate loans, and (2) in the case of the Term Loan Facility, 2.50% for SOFR loans and 1.50% for base rate loans.
As of
The Administrative Agent and other lenders under the Revolver/Term Loan Facilities or their affiliates are also agents and forward purchasers under the Company's "at the market" offering program for its common stock.
The above descriptions of the Amendment and the Revolver/Term Loan Credit Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the Amendment (including the copy of the Revolver/Term Loan Credit Agreement attached thereto), which is attached as Exhibit 10.1 to this Current Report on Form 8-K, and incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. Exhibit No Description 10.1 First Amendment to Credit Agreement, dated as ofDecember 1, 2022 , amongOrion Office REIT LP , as Borrower,Orion Office REIT Inc. , as Parent,Wells Fargo Bank, National Association , as Administrative Agent, and the Lenders party thereto. 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).
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