UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
As previously disclosed, SITE Centers Corp. (the “Company”) is party to the Third Amended and Restated Credit Agreement, dated July 26, 2019, among the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “JPM Revolving Credit Agreement”). The JPM Revolving Credit Agreement provides for borrowings of up to $950 million if certain financial covenants are maintained, and an accordion feature for expansion of availability up to $1.45 billion. A copy of the JPM Revolving Credit Agreement was filed as an exhibit to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on July 29, 2019.
The Company is also party to the Third Amended and Restated Credit Agreement, dated August 20, 2019, by and between the Company and PNC Bank, National Association, which provides for borrowings up to $20 million if certain financial covenants are maintained (the “PNC Revolving Credit Agreement” and, together with the JPM Revolving Credit Agreement, the “Revolving Credit Agreements”). Borrowings under the Revolving Credit Agreements are scheduled to mature on January 26, 2024, subject to two six-month options to extend the maturity to January 2025 upon the Company’s request (subject to satisfaction of certain conditions), and the Company may repay amounts borrowed any time without penalty. As of March 26, 2020, no amounts were outstanding under the PNC Revolving Credit Agreement.
On March 26, 2020, the Company borrowed $250 million under the JPM Revolving Credit Agreement bringing the outstanding principal balance under the JPM Revolving Credit Agreement to $645 million with $325 million of remaining availability under the Revolving Credit Agreements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SITE CENTERS CORP. | ||
| By: |
/s/ Christa A. Vesy | |
| Name: |
Christa A. Vesy | |
| Title: |
Executive Vice President and Chief Accounting Officer | |
Date: March 26, 2020