Item 1.02 Termination of a Material Definitive Agreement.
On March 29, 2020, Highlands REIT, Inc. (the "Company") repaid in full all of
the remaining outstanding indebtedness under the secured revolving credit
facility ("Revolving Credit Facility") pursuant to that certain Credit
Agreement, dated as of February 15, 2019, by and among the Company, as borrower,
and certain of its subsidiaries, as guarantors, The Huntington National Bank,
individually and as administrative agent, issuing lender, lead arranger, book
manager and syndication agent, and the other lenders thereunder (the "Credit
Agreement"), consisting of approximately $15 million of principal plus accrued
and unpaid interest thereon. The Credit Agreement and related security
interests, and all commitments thereunder, were terminated in conjunction with
such payment in full. The Revolving Credit Facility would have matured on
February 15, 2022. No early termination penalties applied with respect to such
voluntary prepayment in full prior to maturity.
The material terms of the Credit Agreement, and certain defaults of the Company
thereunder, are described in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2020 filed with the SEC on March 17, 2021. The
foregoing descriptions of the Credit Agreement do not purport to be complete and
are subject to and qualified in their entirety by reference to the full text of
the Credit Agreement, which was filed as Exhibit 10.1 to the Company's Current
Report on Form 8-K, filed with the Securities and Exchange Commission on
February 21, 2019, the first amendment to the Credit Agreement, which was filed
as Exhibit 10.15 to the Company's Annual Report on Form 10-K for the year ended
December 31, 2019, filed with the Securities and Exchange Commission on March
20, 2020, the second amendment to the Credit Agreement, which was filed as
Exhibit 10.16 to the Company's Annual Report on Form 10-K for the year ended
December 31, 2019, filed with the Securities and Exchange Commission on March
20, 2020, and the third amendment to the Credit Agreement, which was filed as
Exhibit 10.1 to the Company's Current Report on Form 8-K, filed with the
Securities and Exchange Commission on November 12, 2020, each of which is
incorporated by reference herein.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses