Filing Analysis
📝 Material Agreement
Filed Nov 27, 2024
⚪ LOW
New England Realty Associates Limited Partnership entered into a $25 million revolving line of credit agreement with Brookline Bank on November 21, 2024. The facility is secured by the Borrower's equity interests in its subsidiaries and carries specific financial covenants regarding debt yield and leverage.
🚩 Red Flags
- Usage under the line is capped at 1.5x trailing twelve months of Adjusted EBITDA.
- The agreement is secured by a first priority Pledge and Security Agreement on Borrower's equity interests in subsidiaries.
📋 Key Facts
- Entered into a Revolving Line of Credit Agreement with Brookline Bank on November 21, 2024.
- Maximum aggregate borrowing capacity: $25,000,000.
- Maturity date is November 21, 2027, with a potential one-year extension at the Lender's discretion.
- Interest rate: SOFR + 250 basis points.
- Unused line fee of 75 basis points (waived if aggregate deposits $\ge$ $20 million).
- Financial covenants include: Debt Yield $\ge$ 8.50%, Leverage Ratio $\le$ 65%, DSCR $\ge$ 1.50x, and minimum liquidity of $15 million.
Disclaimer: This analysis is generated by AI and is for informational purposes only.
It does not constitute financial advice, investment recommendations, or an offer to buy or sell securities.
Always review the original SEC filings and consult a financial advisor before making investment decisions.