Business Context and Reporting Period
Company: Ares Commercial Real Estate Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: March 28, 2014
Event Date: March 28, 2014
This filing reports the entry into a material definitive agreement by ACRE Capital LLC, a wholly owned subsidiary of the registrant.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, or overall debt levels. The report focuses exclusively on a specific amendment to a financing facility.
- Facility: Committed warehouse line under the Bank of America Warehousing Agreement.
- Counterparty: Bank of America, N.A., as Credit Agent.
- Change: Extension of the maturity date to May 1, 2014.
Material Changes
The primary material change is the extension of the maturity date for the committed warehouse line. Previously, the agreement (originally dated April 16, 2010) had an earlier maturity date which has now been extended to May 1, 2014, pursuant to the Eighth Amendment.
Outlook, Risks, and Management Commentary
The filing contains no forward-looking guidance, management commentary on future performance, or discussion of general risks beyond the specific terms of the amended agreement. The document serves as a notification of the agreement's execution and incorporates the full text of the Eighth Amendment as Exhibit 10.1.
Investor Verification Checklist
- Verify the full terms of the Eighth Amendment to the Bank of America Warehousing Agreement (Exhibit 10.1) for any covenants or conditions attached to the maturity extension.
- Confirm the status of the warehouse line utilization as of the extension date.
- Review subsequent filings to ensure the facility was renewed or refinanced prior to the new May 1, 2014 maturity date.