SITE Centers Corp. Enters Material Definitive Agreement
Ticker: SITC · Form: 8-K · Filed: Aug 8, 2024 · CIK: 894315
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation
TL;DR
SITE Centers Corp. just signed a big deal, expect financial moves.
AI Summary
On August 7, 2024, SITE Centers Corp. entered into a material definitive agreement related to its creation of a direct financial obligation. The company, formerly known as DDR Corp., is incorporated in Ohio and has its principal executive offices in Beachwood, Ohio.
Why It Matters
This filing indicates a significant new financial commitment or obligation for SITE Centers Corp., which could impact its financial structure and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements can introduce new financial obligations or strategic shifts that carry inherent risks.
Key Players & Entities
- SITE Centers Corp. (company) — Registrant
- August 07, 2024 (date) — Date of earliest event reported
- DDR Corp. (company) — Former company name
- Ohio (jurisdiction) — State of incorporation
- 3300 Enterprise Parkway, Beachwood, OH 44122 (address) — Business and mailing address
FAQ
What is the nature of the material definitive agreement entered into by SITE Centers Corp. on August 7, 2024?
The filing indicates the entry into a material definitive agreement and the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement, but the specific details of the agreement are not provided in this excerpt.
What was SITE Centers Corp. formerly known as?
SITE Centers Corp. was formerly known as DDR Corp. and Developers Diversified Realty Corp.
In which state is SITE Centers Corp. incorporated?
SITE Centers Corp. is incorporated in Ohio.
What is the principal business address of SITE Centers Corp.?
The principal business address is 3300 Enterprise Parkway, Beachwood, OH 44122.
What is the SEC file number for SITE Centers Corp.?
The SEC file number for SITE Centers Corp. is 001-11690.
Filing Stats: 1,418 words · 6 min read · ~5 pages · Grade level 13.9 · Accepted 2024-08-08 16:05:09
Key Financial Figures
- $0.10 — h registered Common Shares, Par Value $0.10 Per Share SITC New York Stock Excha
- $530 million — on (the "Company"), closed and funded a $530 million mortgage loan facility (the "Loan Facil
- $1.1 billion — he Lenders in October 2023 to provide a $1.1 billion financing secured by 40 of the Company'
- $100 million — of the loan (but in no event less than $100 million) and (ii) minimum liquid assets of not
- $15 million — of the loan (but in no event less than $15 million). In addition, the Company executed a
Filing Documents
- sitc-20240807.htm (8-K) — 45KB
- 0000950170-24-093876.txt ( ) — 186KB
- sitc-20240807.xsd (EX-101.SCH) — 43KB
- sitc-20240807_htm.xml (XML) — 6KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On August 7, 2024, SITE Centers Corp., an Ohio corporation (the "Company"), closed and funded a $530 million mortgage loan facility (the "Loan Facility") provided by affiliates of Atlas SP Partners, L.P. and Athene Annuity and Life Company (collectively, the "Lenders"). The Company expects to use proceeds from the closing together with cash on hand to repay its outstanding senior unsecured indebtedness prior to the completion of its previously announced spin-off the Company's convenience real estate portfolio into a publicly traded REIT named Curbline Properties Corp. In connection with the Loan Facility's closing, the Company terminated the commitment that it had obtained from the Lenders in October 2023 to provide a $1.1 billion financing secured by 40 of the Company's properties. In connection with the Loan Facility's closing, certain wholly-owned subsidiaries of the Company (collectively, the "Borrowers") entered into a loan agreement (the "Loan Agreement") with the Lenders and delivered certain promissory notes (collectively, the "Notes") evidencing their obligation to pay the principal, interest and other amounts under the Loan Facility. The Notes are secured by, among other things, mortgages encumbering the Borrowers' respective properties (a total of 23 properties) (the "Properties"), and related personal property, leases and rents. The Loan Facility will mature on September 6, 2026, subject to two one-year extensions at the Borrowers' option conditioned upon, among other items, the absence of an event of default, satisfaction of a debt yield requirement (12.5% with respect to the first extension option and 13.0% with respect to the second extension option) and payment of a fee at the time of each extension in the amount of 0.25% of the then outstanding principal amount of the loan. The interest rate applicable to the Notes is equal to 30-day Term SOFR (subject to a rate index floor of 3.50%) plus a
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. Date: August 8, 2024 By: /s/ Aaron M. Kitlowski Aaron M. Kitlowski, Executive Vice President, General Counsel and Secretary