On July 17, 2019 (the “Termination Date”), NorthStar Realty Europe Corp. (the “Company”), as parent guarantor, terminated the Amended and Restated Credit Agreement (the “Credit Agreement”), dated as of April 6, 2017, and amended as of March 9, 2018, with, among others, NorthStar Realty Europe Limited Partnership (the “OP”), as borrower, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, the other lenders from time to time party thereto and Merrill Lynch, Pierce, Fenner & Smith Incorporated as sole lead arranger and bookrunner.

The terminated Credit Agreement provided for a two-year senior secured revolving credit facility of $70 million (the “Credit Facility”), with a one-year extension at the OP’s option. The Credit Facility included an uncommitted accordion feature where the facility amount could be increased up to an aggregate amount of $105 million. Additionally, the Credit Facility also featured a letter of credit facility where up to $15 million of the Credit Facility was available for the issuance of standby letters of credit with Bank of America being the issuing bank. Further, the Credit Facility allowed the OP to borrow swing line loans provided by Bank of America of up to $15 million. Eurocurrency loans under the Credit Facility accrued interest at a rate equal to LIBOR plus a margin of 2.75% per annum. In addition, the Company was required to pay a commitment fee on the unused portion of the commitments under the Credit Facility at a rate of .35% to .50% per annum based on the drawn amounts under the Credit Facility. The Credit Agreement contained customary representations and warranties, as well as negative and financial covenants, including, among other things, a maximum consolidated leverage ratio, minimum fixed charge coverage ratio, maximum recourse indebtedness, maximum variable rate indebtedness and a minimum consolidated tangible net worth.

The OP’s obligations under the Credit Agreement were guaranteed by the Company and certain of its subsidiaries and secured by pledges of equity and intercompany receivables from certain of the Company’s subsidiaries.

As of the Termination Date, no amounts were drawn under the Credit Facility and no fees or penalties were incurred as a result of the termination, other than the payment of accrued commitment fees of $18,472.22 through the Termination Date. The Company voluntarily terminated the Credit Agreement to eliminate the obligation to pay the commitment fee with respect to undrawn lender commitments thereunder.

About NorthStar Realty Europe Corp. (NYSE:NRE)

NorthStar Realty Europe Corp. is a real estate investment trust. The Company is a European focused commercial real estate company with primary office properties in cities within Germany, the United Kingdom and France. Its objective is to provide its stockholders with stable and recurring cash flow supplemented by capital growth over time. The Company conducts its business through two segments: Real Estate and Corporate. The Real Estate segment includes its European commercial real estate business, which is primarily focused on office properties. The Corporate segment includes corporate level interest expense, management fee, and general and administrative expenses. Its portfolio consists of approximately 48 properties and approximately 495,588 square meters of rentable space, located in various European markets, including Frankfurt, Hamburg, Berlin, London, Paris, Amsterdam, Milan, Brussels and Madrid. It is managed and advised by an affiliate of NorthStar Asset Management Group Inc.