04/30/2025 | Press release | Distributed by Public on 04/30/2025 14:15
Item 1.01 |
Entry into a Material Definitive Agreement. |
As previously reported, wholly-owned subsidiaries (the "Borrower") of the operating partnership of Medalist Diversified REIT, Inc. (the "Company") entered into a Credit Agreement, dated as of June 13, 2022 (the "Credit Agreement"), with Wells Fargo Bank, National Association (the "Lender"), for a term loan (the "Term Loan") and revolving line of credit (the "Line of Credit"). On October 2, 2024, the Borrower, the Company and Lender entered into an Amendment to the Credit Agreement, an Amended and Restated Term Note, an Amended and Restated Revolving Line of Credit Note and an Amended and Restated Continuing Guaranty.
On April 28, 2025, the Borrower, the Company and Lender entered into the Second Amendment to the Credit Agreement (the "Credit Agreement Amendment), pursuant to which the Company terminated the Amended Line of Credit Note and the Line of Credit. As of the date of termination, the Company did not have any borrowings under the Line of Credit, and the Company believes it was in compliance with all covenants. In addition, the Company did not incur any premium or early penalties in connection with its termination of the Line of Credit. The Term Loan remains in place and had an outstanding balance of $17,395,602 as of March 31, 2025.
The foregoing description of the Credit Agreement Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Credit Agreement Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 1.02 |
Termination of a Material Definitive Agreement. |
The disclosure set forth under "Item 1.01. Entry into a Material Definitive Agreement" regarding the termination of the Amended and Restated Revolving Line of Credit Note is incorporated herein by reference.
Item 2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The disclosure set forth under "Item 1.01. Entry into a Material Definitive Agreement" is incorporated herein by reference.