Business Context and Reporting Period
Company: Greystone Housing Impact Investors LP (NYSE: GHI)
Filing Type: Form 8-K (Current Report)
Date of Report: June 12, 2025
Event: Entry into a Sixth Amendment to Credit Agreement and a Third Amended and Restated Guaranty.
Key Financial Metrics and Transaction Details
This filing details a refinancing amendment rather than periodic financial performance. Key transaction metrics include:
- Transaction Fees: Total fees paid at closing were $285,000, comprising a $200,000 commitment fee to Lenders, a $75,000 arrangement fee, and a $10,000 administrative fee to the Administrative Agent.
- Debt Capacity Increase: Consent granted to increase the maximum principal amount of a separate line of credit facility with Bankers Trust Company from $50,000,000 to $80,000,000.
- Guaranty Limit: Limited guaranties of Portfolio Company Indebtedness capped at $85,000,000.
- Liquidity and Maturity: The Initial Maturity Date of the Credit Agreement was extended to June 12, 2027.
Material Changes Versus Prior Period
The Sixth Amendment modifies the Credit Agreement (originally dated June 11, 2021) in the following ways:
- Portfolio Composition Requirements:
- Equity Partnership Investments and Other Senior Real Estate Investments must comprise no less than 70.00% of total portfolio value.
- Senior Housing Investments must comprise no more than 30.00% of total portfolio value.
- Guaranty Terms: The Third Amended and Restated Guaranty by affiliate Greystone Select Incorporated adds specific time periods for cure rights under Section 7(e).
- Facility Expansion: Formal consent for the $30 million increase in the separate line of credit facility.
Guidance, Outlook, Risks, and Contingencies
Forward-Looking Statements: The filing includes standard disclaimers regarding risks that could cause actual results to differ from expectations.
Identified Risks:
- Fluctuations in short-term interest rates.
- Collateral and bond investment valuations.
- Current maturities of financing arrangements and the ability to renew or refinance.
- Overall economic and credit market conditions.
Unusual Items: None reported in this filing. The document focuses solely on the amendment of credit terms.
Investor Verification Checklist
- Verify the impact of the new 70/30 portfolio composition requirement on current asset allocation.
- Confirm the utilization status of the increased $80,000,000 line of credit facility with Bankers Trust Company.
- Review the full text of Exhibit 10.1 (Sixth Amendment) for specific covenants related to the new maturity date of June 12, 2027.
- Assess the implications of the $85,000,000 cap on limited guaranties for future portfolio company indebtedness.