cim commercial trust corp (CMCT) Key Developments
CIM Commercial Trust Corporation Announces Quarterly Cash Dividend, Payable on June 29, 2015
Jun 13 15
CIM Commercial Trust Corporation announced that its Board of Directors has declared a quarterly cash dividend of $0.21875 per common share. The dividend will be paid on June 29, 2015 to shareholders of record as of June 22, 2015.
CIM Commercial Trust Corporation Enters into a $385,000,000 Unsecured Term Loan Facility
May 8 15
On May 8, 2015, CIM Commercial Trust Corporation entered into an unsecured term loan agreement with Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC and Capital One, National Association, as Joint Lead Arrangers and Joint Bookrunners, Capital One, National Association as Syndication Agent, PNC Bank, National Association as Documentation Agent and the lenders from time to time party thereto, relating to a $385,000,000 unsecured term loan facility. All amounts borrowed under the Term Loan Agreement are guaranteed by certain wholly-owned subsidiaries of the company. The term loan agreement matures on May 8, 2022 and ranks pari passu with the Company's existing $850 million unsecured credit facility. The company is subject to certain financial maintenance covenants under the Term Loan Agreement, including (a) a maximum leverage ratio of 60%, as of any date, (b) a maximum secured leverage ratio of 40%, as of any date, (c) a maximum unencumbered leverage ratio of 60%, as of any date, (d) a maximum secured recourse leverage ratio of 10%, as of any date, (e) a minimum fixed charge coverage ratio of 1.50:1.00, as of the last day of any fiscal quarter and (f) a minimum unencumbered interest coverage ratio of 1.75:1.00, as of the last day of any fiscal quarter, as well as certain other customary covenants. The Term Loan Agreement also contains customary events of default provisions, including failure to pay indebtedness, breaches of covenants, cross default to the company's $850 million unsecured credit facility and bankruptcy or other insolvency events, which could result in the acceleration of all amounts and cancellation of all commitments outstanding under the Term Loan Agreement, as well as customary representations and warranties.
CIM Commercial Trust Seeks Acquisitions
May 8 15
CIM Commercial Trust Corporation (NasdaqGM:CMCT) enters into a $385,000,000 Unsecured Term Loan Facility, CIM Commercial will used for acquisitions, refinancing of existing indebtedness, and other general corporate purposes.
CIM Commercial Trust Corporation Presents at REITWEEK 2015: NAREIT's Investor Forum, Jun-09-2015 11:45 AM
Apr 25 15
CIM Commercial Trust Corporation Presents at REITWEEK 2015: NAREIT's Investor Forum, Jun-09-2015 11:45 AM. Venue: New York Hilton Midtown, 1335 Avenue of the Americas, New York, NY 10019, United States. Speakers: Charles E. Garner, Chief Executive Officer, David A. Thompson, Chief Financial Officer.
CIM Commercial Trust Corporation, Annual General Meeting, May 06, 2015
Apr 17 15
CIM Commercial Trust Corporation, Annual General Meeting, May 06, 2015., at 10:30 Pacific Standard Time. Location: Hollywood Roosevelt Hotel, 7000 Hollywood Boulevard. Agenda: To elect the seven directors nominated in the proxy statement to serve for a one-year term, and until their successors are elected and qualified; to ratify the selection of BDO USA, LLC as CIM Commercial's independent registered public accounting firm for the fiscal year ending December 31, 2015; to approve the adoption of a new equity compensation plan; to approve, by a non-binding advisory vote, executive compensation; and to consider any other business that is properly presented at the annual meeting and any postponements or adjournments thereof.