Item 1.01. Entry into a Material Definitive Agreement.
OnAugust 4, 2021 ,CatchMark Timber Trust, Inc. (the "Company") andCatchMark Timber Operating Partnership, L.P. (the "Borrower") and the Company's other wholly-owned subsidiaries entered into that certain Fifth Agreement Regarding Consents and Amendments (the "Amendment"), which amends the Fifth Amended and Restated Credit Agreement, datedDecember 1, 2017 (as amended, restated, amended and restated, modified and/or supplemented from time to time, the "Credit Agreement"), by and among the Company and its wholly-owned subsidiaries, the Borrower, CoBank, ACB,AgFirst Farm Credit Bank ,Cooperatieve Rabobank U.A .,New York Branch, and certain financial institutions named therein. The Amendment provides for, among other things: (1) consent to the Borrower's prepayment of the outstanding balance of any Multi-Draw Term Loans and Term A-3 Loans with the proceeds from the sale of real property pursuant to that certain Purchase and Sale Agreement, dated as ofJune 21, 2021 , amongTimberlands II, LLC , aDelaware limited liability company,Roseburg Resources Co. , anOregon corporation, andFidelity National Title Group , as such agreement may be amended from time to time (the "Bandon Sale"), and after the outstanding balance of any Multi-Draw Term Loans and Term A-3 Loans have been repaid in full, permit the Borrower to retain up to$5,000,000 of such remaining proceeds for working capital purposes; (2) certain amendments to the Credit Agreement in connection with the foregoing and to permit the Borrower, for a period of 18 months from the effective date of the Amendment, to, upon the repayment of the outstanding Term A-3 Loans, reborrow Term A-3 Loans using borrowing mechanics substantially similar to those that apply to the revolving loan credit facility, the proceeds of which shall be used solely to finance acquisitions of additional real property, all as set forth in the Amendment, with the same pricing and maturity date as the existing Term A-3 Loan; (3) the extension of the maturity date of the revolving loan credit facility fromDecember 1, 2022 toAugust 4, 2026 , the fifth anniversary of the effective date of the Amendment; and (4) certain amendments to the LIBOR replacement provisions in the Credit Agreement consistent with current Alternative Reference Rates Committee (ARRC) recommendations. The foregoing description of the Amendment is only a summary and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
Exhibit No. Exhibit Description 10.1 Fifth Agreement Regarding Consents and
Amendments, dated as of August
4, 2021, by and among the Company, the Borrower, the Company's wholly-owned subsidiaries, CoBank, ACB, as administrative agent, and certain financial institutions named therein, as lenders. 104 Cover Page Interactive Data File (embedded within the Inline XBRL Document)
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