Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 123

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 8
Chunk 123
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  As of September 30, 2025, the 2024 Revolving Credit Facility had an outstanding principal balance of $31 million and the effective interest rate applicable was 5.89%.On April 22, 2024, the Company entered into the 2024 Credit Agreement which originally provided for: (1) a three-year term ending in April 2027, subject to one twelve-month extension option; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $300 million; (3) a first priority lien on no fewer than five properties with an aggregate appraised value of at least $900 million, consisting of (i) The James; (ii) 145 Front at City Square; (iii) Signature Place; (iv) Soho Lofts; and (v) Liberty Towers (collectively, the “Collateral Pool Properties”); and (4) a commitment fee payable quarterly ranging from 25 basis points to 35 basis points per annum on the daily unused amount of the 2024 Revolving Credit Facility.On July 9, 2025, the Company entered into an amendment to the 2024 Credit Agreement with the Lenders to allow for the removal of three assets, The James, Signature Place, and 145 Front Street at City Square from the Collateral Pool Properties, provided that the proceeds from their respective sales were applied toward the full repayment of the $200 million outstanding balance under the 2024 Term Loan.  The amendment also reduced the number of participating Lenders from eight to seven.  Borrowings under the amended 2024 Revolving Credit Facility bear interest at a rate based on the Company's total leverage ratio, with an applicable margin ranging from 25 basis points to 180 basis points (the “Revolving Credit Applicable Rate”).  The Company completed the full repayment of the 2024 Term Loan in July 2025.The Company may request increases in the principal amount of the 2024 Revolving Credit Facility and/or new term loans under the 2024 Term Loan Facility in an aggregate amount of up to $200 million, which shall be subject to commercially reasonable syndication efforts.With respect to borrowings under the 2024 Revolving Credit Facility, the interest rate shall be either (A) the Alternative Base Rate plus the Revolving Credit Applicable Rate, and/or (B) the Adjusted Term SOFR Rate plus the Revolving Credit Applicable Rate, and/or (