Attached files
Delaware
|
20-0852352
|
|
(State or other jurisdiction of
|
(IRS Employer
|
|
incorporation)
|
Identification No.)
|
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
TPG/CalSTRS has invested $40.0 million as new equity in Centerpointe, which was used to retire $46.6 million of mezzanine debt, realizing a 14.2% discount from the face amount of the debt which included releasing loan reserves of approximately $11.7 million held by the lenders to TPG/CalSTRS to use for capital needs at the property. This new equity, of which the Company contributed $2.0 million or 5%, is structured to provide a return that replicates the interest payment, LIBOR plus 1.97%, on the retired $46.6 million mezzanine debt as well as the priority of the mezzanine debt.
The Company has also negotiated an option for TPG/CalSTRS to repay the property's remaining $22.0 million of mezzanine financing at a 50% discount to its face amount plus a 21.7% participation in the value of the property above approximately $106.0 million. The lender will continue to be obligated to fund the remaining approximately $5.6 million of loan reserves for property needs. The referenced option may be exercised at any time between August 9, 2011 and February 9, 2013.
Thomas Properties Group, Inc.
|
||||||||
Date: October 26, 2010
|
By:
|
/s/ Diana M. Laing
|
||||||
Diana M. Laing
|
||||||||
Chief Financial Officer
|
||||||||
Exhibit No.
|
Description
|
|
EX-10.62
|
First Amendment to Loan Agreement between TPG-Centerpointe Mezzanine 3, LLC and WHSF Nevada, LLC
|
|
EX-10.63
|
Demand Pay-Off Letter between TPG-Centerpointe Mezzanine, LLC and Garrison Commercial Funding IV LLC
|
|
EX-10.64
|
Ninth Amendment to Second Amended and Restated Operating Agreement of TPG/CalSTRS, LLC
|
|
EX-99.1
|
Press Release of Thomas Properties Group, Inc. dated October 25, 2010
|