Claros Mortgage Trust Inc.
11/06/2025 | Press release | Distributed by Public on 11/06/2025 07:58
Material Agreement (Form 8-K)
Item 1.01. Entry into a Material Definitive Agreement.
On November 5, 2025 (the "Amendment Effective Date"), Claros Mortgage Trust, Inc. (the "Company"), the subsidiary guarantors named therein and the lenders party thereto, entered into an Amendment No. 6 to Term Loan Credit Agreement ("Amendment No. 6") to the Company's Term Loan Credit Agreement, dated as of August 9, 2019, as amended by Amendment No. 1 to Term Loan Credit Agreement, dated as of December 1, 2020, Amendment No. 2 to Term Loan Credit Agreement, dated as of November 15, 2021, Amendment No. 3 to Term Loan Credit Agreement, dated as of December 2, 2021, Amendment No. 4 to Term Loan Credit Agreement, dated as of May 5, 2023 and Amendment No. 5 to Term Loan Credit Agreement, dated as of September 12, 2025 (and as further amended by Amendment No. 6, the "Credit Agreement"). Capitalized terms used but not defined herein have the meanings ascribed to them in the Credit Agreement.
Amendment No. 6 provides for, among other things, (i) a required $150 million prepayment of outstanding Term Loans, (ii) a reduction of the minimum Tangible Net Worth financial covenant to $1,400,000,000 for the period from the Amendment Effective Date to March 31, 2026, (iii) a waiver of the minimum Interest Coverage Ratio financial covenant for the Test Periods for Fiscal Quarters ending September 30, 2025, December 31, 2025, and March 31, 2026, (iv) the modification of certain affirmative and negative covenants, including the requirement to prepay Term Loans with a portion of the Net Proceeds of certain Dispositions and (v) the limitation of certain rights of the Company to, among other things, create or transfer assets to unrestricted subsidiaries. Amendment No. 6 is subject to certain conditions subsequent, including the payment of certain fees and expenses, which shall be satisfied within three business days of the Amendment Effective Date.
The foregoing summary of Amendment No. 6 does not purport to be complete and is qualified in its entirety by references to Amendment No. 6, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
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10.1*+ |
Amendment No. 6 to Term Loan Credit Agreement by and among the Company, the subsidiary guarantors named therein and the lenders party thereto, dated as of November 5, 2025 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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* |
Filed herewith |
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+ |
Portions of this exhibit (indicated by asterisks) have been omitted pursuant to Regulation S-K, Item 601(b)(10) or certain schedules and attachments to this exhibit have been omitted pursuant to Regulation S-K, Item 601(a)(5). Such omitted information is not material and would likely cause competitive harm to the registrant if publicly disclosed. |
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