Business context and reporting period
CTO Realty Growth, Inc. filed this Form 8-K to report a material refinancing transaction entered into on September 29, 2026, and announced September 30, 2026. This is a financing update, not a quarterly or annual results filing.
Key financial terms
- The amended and restated credit agreement provides for $1.0 billion in aggregate facilities: a $400 million senior unsecured revolving credit facility and four $150 million senior unsecured term loan facilities.
- The agreement permits facility commitments to increase to a maximum aggregate of $1.5 billion, subject to its terms.
- The revolving facility matures in September 2030 and has two six-month extension options.
- Term loan maturities are $150 million each in September 2029, September 2030, September 2031, and March 2032.
- Borrowings may bear interest at an applicable margin plus Base Rate, Daily Simple SOFR, or Term SOFR. The filing text does not provide the applicable margin or current borrowing balances.
- The company repaid all obligations under its BMO Credit Agreement, which was then terminated. The amount repaid is not stated.
Changes versus prior arrangement
The new agreement amends and restates in its entirety the prior KeyBank credit agreement dated September 30, 2024, as previously amended. It also replaces the BMO Credit Agreement, dated September 7, 2017, following repayment and discharge of all obligations under that agreement. The filing does not provide a comparison of prior and new pricing, borrowing capacity, or covenant thresholds.
Outlook, covenants, and other considerations
The agreement includes customary restrictive covenants covering indebtedness, investments, liens, affiliate transactions, and certain major transactions, as well as financial maintenance covenants. Detailed terms are in Exhibit 10.1. No operating guidance, financial results, cash flow, margins, liquidity balances, or management outlook are provided in this filing.
Important facts for investors to verify
- Review Exhibit 10.1 for interest margins, covenant definitions and thresholds, extension conditions, and other facility terms.
- Confirm the amount and use of borrowings under the new facilities, which are not specified in the filing text.
- Assess the amount and funding source used to repay the BMO obligations.
- Check subsequent filings for facility draws, refinancing costs, and any changes in liquidity or debt maturities.