CIM Real Estate Finance Trust Enters Material Definitive Agreement

TL;DR

CIM REIT just signed a big deal, likely involving debt. Keep an eye on their financials.

AI Summary

On August 29, 2024, CIM Real Estate Finance Trust, Inc. entered into a material definitive agreement related to a direct financial obligation. The company, formerly known as Cole Credit Property Trust IV, Inc., is a Maryland-based real estate investment trust.

Why It Matters

This filing indicates a significant financial commitment or obligation for CIM Real Estate Finance Trust, which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and direct financial obligations can introduce financial risks and obligations that require careful monitoring.

Key Players & Entities

• CIM Real Estate Finance Trust, Inc. (company) — Registrant
• August 29, 2024 (date) — Date of earliest event reported
• Cole Credit Property Trust IV, Inc. (company) — Former company name
• Maryland (jurisdiction) — State of incorporation

FAQ

Key Financial Figures

• $18.0 million — er the Credit and Security Agreement to $18.0 million and to waive any defaults under the Cre
• $397.5 million — of the Credit and Security Agreement by $397.5 million and, as of August 29, 2024, the Company

Filing Documents

• cmft-20240829.htm (8-K) — 31KB
• citi-ofsiicmftxsidelettera.htm (EX-10.1) — 38KB
• 0001498547-24-000060.txt ( ) — 186KB
• cmft-20240829.xsd (EX-101.SCH) — 2KB
• cmft-20240829_lab.xml (EX-101.LAB) — 19KB
• cmft-20240829_pre.xml (EX-101.PRE) — 11KB
• cmft-20240829_htm.xml (XML) — 2KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On August 29, 2024, CMFT Corporate Credit Securities, LLC (the "Borrower"), an indirect wholly owned, bankruptcy-remote subsidiary of CIM Real Estate Finance Trust, Inc. (the "Company"), Citibank, N.A. (the "Bank"), as administrative agent and as lender, CMFT Securities Investments, LLC, a wholly owned subsidiary of the Company, as equityholder and as collateral manager, the Bank (acting through its Agency & Trust division), as both a collateral agent and as a collateral custodian, and Virtus Group, LP, as collateral administrator, entered into Amendment No. 4 and Waiver of Credit and Security Agreement (the "Fourth Amendment") to amend the revolving credit and security agreement dated December 31, 2019 (as previously amended, the "Credit and Security Agreement"), as previously discussed in a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission ("SEC") on January 7, 2020, and as amended on March 19, 2020, October 4, 2021 and June 23, 2022 as discussed in a Current Report on Form 8-K filed by the Company with the SEC on March 24, 2020, October 8, 2021 and June 28, 2022, respectively. In connection with the sale of certain of the Collateral (as defined in the Credit Security Agreement), the Fourth Amendment was entered into to, among other things, modify the definition of Facility Amount as used in the Credit and Security Agreement by decreasing available borrowings under the Credit and Security Agreement to $18.0 million and to waive any defaults under the Credit and Security Agreement that may be caused by the sale of such Collateral. In connection with the Fourth Amendment, the Borrower paid down the outstanding balance of the Credit and Security Agreement by $397.5 million and, as of August 29, 2024, the Company had $18.0 million outstanding under the Credit and Security Agreement. Other than the modified terms described above, the material terms of the Credit and Securi

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Amendment No. 4 and Waiver of Credit and Security Agreement, dated August 29, 2024, by and between CMFT Corporate Credit Securities, LLC, as borrower, CMFT Securities Investments, LLC, as collateral manager and equityholder, Citibank, N.A., as administrative agent and as lender, Citibank, N.A. (acting through its Agency & Trust division), as collateral custodian and as collateral agent, and Virtus Group, LP, as collateral administrator. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: September 5, 2024 CIM REAL ESTATE FINANCE TRUST, INC. By: /s/ Nathan D. DeBacker Name: Nathan D. DeBacker Title: Chief Financial Officer, Principal Accounting Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)

View Full Filing

View this 8-K filing on SEC EDGAR