ESRT Enters Material Definitive Agreement

TL;DR

ESRT just signed a big deal, new financial obligation incoming.

AI Summary

Empire State Realty Trust, Inc. (ESRT) entered into a material definitive agreement on March 8, 2024, related to a direct financial obligation. The filing details the creation of this obligation, which is a significant event for the company's financial structure. Further details on the specific terms and financial implications are provided within the filing.

Why It Matters

This filing indicates a new financial commitment or obligation for Empire State Realty Trust, which could impact its balance sheet and future financial flexibility.

Risk Assessment

Risk Level: medium — Entering into new financial obligations can introduce new risks related to repayment, interest rates, and overall financial health.

Key Players & Entities

• Empire State Realty Trust, Inc. (company) — Filer
• Empire State Realty OP, L.P. (company) — Filer
• 20240308 (date) — Date of Report

FAQ

Key Financial Figures

• $0.01 — , Inc. Class A Common Stock, par value $0.01 per share ESRT The New York Stock Excha
• $620 million — BofA Credit Agreement is comprised of a $620 million senior unsecured revolving credit facil
• $95 million — he " Revolving Credit Facility ") and a $95 million term loan facility (the " BofA Term Loa
• $1.5 billion — the BofA Credit Agreement not to exceed $1.5 billion. The BofA Facilities will be used for t

Filing Documents

• esrt-20240308.htm (8-K) — 57KB
• esrt-secondarcreditagreeme.htm (EX-10.1) — 1863KB
• wells-esrtthirdamendmentto.htm (EX-10.2) — 1423KB
• image_0a.jpg (GRAPHIC) — 2KB
• image_1a.jpg (GRAPHIC) — 2KB
• 0001541401-24-000007.txt ( ) — 4015KB
• esrt-20240308.xsd (EX-101.SCH) — 3KB
• esrt-20240308_def.xml (EX-101.DEF) — 18KB
• esrt-20240308_lab.xml (EX-101.LAB) — 33KB
• esrt-20240308_pre.xml (EX-101.PRE) — 19KB
• esrt-20240308_htm.xml (XML) — 7KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. Credit Facility with Bank of America, N.A. as Administrative Agent On March 8, 2024, Empire State Realty OP, L.P. (the " Operating Partnershi p") and its general partner, Empire State Realty Trust, Inc. (the " Company ") entered into a Second Amended and Restated Credit Agreement (the " BofA Credit Agreement ") with Bank of America, N.A., as administrative agent, Wells Fargo Bank, National Association and JPMorgan Chase Bank, N.A., as co-syndication agents, and the lenders and the letter of credit issuers party thereto. The BofA Credit Agreement amends and restates the amended and restated credit agreement, dated as of August 29, 2017, as amended, by and among the Operating Partnership, the Company, Bank of America, N.A., as administrative agent, and the other parties named therein. The BofA Credit Agreement is comprised of a $620 million senior unsecured revolving credit facility (the " Revolving Credit Facility ") and a $95 million term loan facility (the " BofA Term Loan Facility ", and, together with the Revolving Credit Facility, the " BofA Facilities "). The Operating Partnership may request that the BofA Facilities be increased through one or more increases in the Revolving Credit Facility or one or more increases in the BofA Term Loan Facility or the addition of new pari passu term loan tranches, for a maximum aggregate principal amount under the BofA Credit Agreement not to exceed $1.5 billion. The BofA Facilities will be used for the working capital needs of the Operating Partnership and its subsidiaries and for other general corporate purposes. Amounts outstanding under the BofA Facilities will bear interest at a rate based on the secured overnight financing rate (" SOFR ") administered by the Federal Reserve Bank of New York equal to, at the Operating Partnership's election, (i) the term SOFR rate, plus, a margin ranging from (x) 1.300% to 1.700% per annum, in the case of revolving loans, and

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 1 Second Amended and Restated Credit Agreement, dated March 8, 2024, among Empire State Realty OP, L.P., as borrower, Empire State Realty Trust, Inc., Bank of America, N.A., as administrative agent and the lenders and letter of credit issuers party thereto. 10.2 1 Third Amendment to Credit Agreement, dated March 13, 2024, among Empire State Realty OP, L.P., as borrower, Empire State Realty Trust, Inc., the subsidiary guarantors party thereto, Wells Fargo National Association, as administrative agent and the lenders party thereto. 104 Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document). 1 In accordance with Item 601(a)(5) of Regulation S-K certain schedules and exhibits have not been filed. The Company and Operating Partnership hereby agree to furnish supplementally a copy of any omitted schedule or exhibit to the Securities and Exchange Commission upon request. SIGNATURE Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EMPIRE STATE REALTY TRUST, INC. (Registrant) Date: March 13, 2024 By: /s/ Christina Chiu Name: Christina Chiu Title: President Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EMPIRE STATE REALTY OP, L.P. (Registrant) By: Empire State Realty Trust, Inc., as general partner Date: March 13, 2024 By: /s/ Christina Chiu Name: Christina Chiu Title: President

View Full Filing

View this 8-K filing on SEC EDGAR