FOUR CORNERS PROPERTY TRUST, INC. (NYSE:FCPT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On December 13, 2018, Four Corners Property Trust, Inc. (the “Company”) and its subsidiary, Four Corners Operating Partnership, LP (the “Borrower”), entered into Amendment No. 2 To Amended and Restated Revolving Credit and Term Loan Agreement (the “Amendment”) with JPMorgan Chase Bank, N.A., as administrative agent (the “Agent”), and the lenders (the “Lenders”) and other agents party thereto, which amends the existing Amended and Restated Revolving Credit and Term Loan Agreement, dated as of October 2, 2017, as amended, by and among the Company, the Borrower, the Agent, the Lenders and the other agents party thereto.
Prior to the Amendment, $400 million aggregate principal amount outstanding under the Company’s term loan facility was scheduled to mature on November 9, 2022. The Amendment extends the maturity date of the Company’s term loan facility such that $150 million, the non-extended portion of the term loan facility, will mature on November 9, 2022, $150 million will mature on November 9, 2023, and $100 million will mature on March 9, 2024. The interest rate currently charged on the non-extended portion of the term loan facility will remain unchanged; however, as of the date of the Amendment, the interest rate charged on the extended portions of the term loan facility will be reduced by ten basis points from the interest rate charged prior to the Amendment. The aggregate principal amount of $400 million outstanding under the term loan facility prior to the Amendment will remain unchanged.
The foregoing description does not purport to be a complete description and is qualified in its entirety by reference to the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form8-Kand incorporated herein by reference.
Item 1.01 Creation of a Direct Financial Obligation or an Obligation under anOff-BalanceSheet Arrangement of a Registrant.
The information set forth in Item 1.01 above is incorporated herein by reference.
Item 1.01Financial Statements and Exhibits.
(d) Exhibits
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Exhibit No. |
Exhibit Description |
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10.1 |
Amendment No. 2 to Amended and Restated Revolving Credit and Term Loan Agreement, dated December 13, 2018, among Four Corners Operating Partnership, LP, Four Corners Property Trust, Inc., certain lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. |
Four Corners Property Trust, Inc. Exhibit
EX-10.1 2 four_cornersx-xamendmentxn.htm EXHIBIT 10.1 Exhibit Execution VersionAMENDMENT NO. 2 TO AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENTThis AMENDMENT NO. 2 TO AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT,…
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About FOUR CORNERS PROPERTY TRUST, INC. (NYSE:FCPT)
Four Corners Property Trust, Inc. is a self-administered company, which is engaged in the ownership, acquisition and leasing of restaurant properties. The Company’s business is conducted through its subsidiaries, Four Corners Operating Partnership, LP (Four Corners OP) and Four Corners GP, LLC (Four Corners GP). It operates through two segments: real estate operations and restaurant operations. It owns over 424 properties in the United States. Of these properties, 418 are held for investment. These 418 properties have an aggregate leasable area of approximately 3,287,000 square feet, which are located in over 44 states. The remaining six properties are operated by the Kerrow Restaurant Operating Business as LongHorn Steakhouses. Of approximately six LongHorn SteakHouse restaurant properties located in the San Antonio area, over three properties are leased to its subsidiary, Kerrow Holdings, LLC (together with its subsidiaries Kerrow), and approximately three are owned by Kerrow.
