Business Context and Reporting Period
This Form 8-K Current Report is filed by Gladstone Commercial Corporation for the reporting period ending March 31, 2009. The filing addresses a specific corporate event regarding the termination of a material definitive agreement.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, or cash flow data. The specific financial activity reported is:
- Debt Repayment: Full repayment of a $20 million unsecured loan (Short-Term Loan) with KeyBank National Association.
- Liquidity Source: Funds for repayment were sourced from borrowings under a $95.0 million revolving line of credit with KeyBank.
- Penalties: No early termination penalties were incurred.
Material Changes
The primary material change is the early termination of the Short-Term Loan, which was originally scheduled to mature on June 20, 2009. This action was executed on March 31, 2009, through the Company's wholly-owned subsidiary, Gladstone Commercial Limited Partnership.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or discussion of risks and contingencies beyond the specific debt transaction. The document focuses solely on the execution of the loan repayment and the associated note agreement.
Investor Verification Checklist
- Verify the remaining availability under the $95.0 million revolving line of credit following the $20 million draw.
- Confirm the interest rate and terms of the revolving line of credit compared to the repaid Short-Term Loan.
- Review the Note Agreement (Exhibit 10.1) for any covenants triggered by the restructuring of debt.