Global Self Storage Enters Material Definitive Agreement

TL;DR

GSELF signed a big deal, expect new financial obligations.

AI Summary

Global Self Storage, Inc. announced on July 6, 2024, that it entered into a material definitive agreement. This filing also indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant, and includes a Regulation FD disclosure. The company is a real estate investment trust incorporated in Maryland.

Why It Matters

This filing signals a significant new contract or financial commitment for Global Self Storage, which could impact its future financial obligations and operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and creating financial obligations can introduce new risks related to the terms of the agreement and the company's ability to meet its obligations.

Key Players & Entities

• Global Self Storage, Inc. (company) — Registrant
• July 06, 2024 (date) — Date of earliest event reported
• Maryland (jurisdiction) — State of incorporation

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value SELF The Nasdaq Stock Mar
• $15 million — Lender in the principal amount of up to $15 million pursuant to a second amended and restat

Filing Documents

• self-20240706.htm (8-K) — 53KB
• self-ex10_1.htm (EX-10.1) — 112KB
• self-ex10_2.htm (EX-10.2) — 143KB
• self-ex99_1.htm (EX-99.1) — 20KB
• img78417561_0.jpg (GRAPHIC) — 8KB
• 0000950170-24-082955.txt ( ) — 492KB
• self-20240706.xsd (EX-101.SCH) — 23KB
• self-20240706_htm.xml (XML) — 4KB

01 Entry into Material Definitive Agreements

Item 1.01 Entry into Material Definitive Agreements. Loan Agreement and Guarantee Effective as of July 6, 2024, certain wholly owned subsidiaries (the "Subsidiaries") of Global Self Storage, Inc. (the "Company") entered into a second amendment to the revolving credit loan agreement (the "Loan Agreement") between the Subsidiaries and The Huntington National Bank, successor by merger to TCF National Bank (the "Lender"). Under the Loan Agreement, the Subsidiaries are borrowing from the Lender in the principal amount of up to $15 million pursuant to a second amended and restated promissory note (the "Promissory Note"). The Promissory Note bears an interest rate equal to 3.00% over the Secured Overnight Financing Rate and is due to mature on July 6, 2027. The obligations under the Loan Agreement are secured by certain real estate assets owned by the Subsidiaries. The Company entered into a second amended and restated guaranty of payment effective as of July 6, 2024 (the "Guaranty," and together with the Loan Agreement, the Promissory Note and related instruments, the "Loan Documents") to guarantee the payment to Lender of certain obligations of the Subsidiaries under the Loan Agreement. The Loan Documents require the Subsidiaries and the Company to comply with certain covenants, including, among others, customary financial covenants. The Lender may accelerate amounts outstanding under the Loan Documents upon the occurrence of an Event of Default (as defined in the Loan Agreement) including, but not limited to, the failure to pay amounts due to the Lender or commencement of bankruptcy proceedings. The Company and the Subsidiaries are paying customary fees and expenses in connection with their entry into the Loan Documents. There is no material relationship between the Company, the Subsidiaries or their affiliates (other than the Subsidiaries) and the Lender, other than in respect of the Loan Documents and a separate revolving credit agreement entered into by a

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. In connection with the execution of the Loan Documents, the Company issued a press release, which is attached as Exhibit 99.1 hereto. The information contained in this Item 7.01, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. The Company believes that certain statements in the information attached as Exhibit 99.1 may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management's views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from those expressed or implied. Information concerning factors that could cause actual results to differ materially from those in forward-looking statements is contained from time to time in the Company's filings with the Securities and Exchange Commission.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (a) Not applicable. (b) Not applicable. (c) Not applicable. (d) Exhibits. The following exhibits are being furnished herewith to this Current Report on Form 8-K. Exhibit No. Description 10.1 Second Amended and Restated Guaranty of Payment, effective as of July 6, 2024, by Global Self Storage, Inc. in favor of The Huntington National Bank, successor by merger to TCF National Bank 10.2 Second Amendment to the Loan Documents, effective as of July 6, 2024, between certain subsidiaries of Global Self Storage, Inc. and The Huntington National Bank, successor by merger to TCF National Bank 99.1 Global Self Storage, Inc. Press Release, dated July 11, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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. GLOBAL SELF STORAGE, INC. Date: July 11, 2024 By: /s/ Mark C. Winmill Name: Mark C. Winmill Title: President

View Full Filing

View this 8-K filing on SEC EDGAR