Attached files
| file | filename |
|---|---|
| EX-10.2 - EXHIBIT 10.2 - Ares Commercial Real Estate Corp | metlifereaffirmationagreem.htm |
| EX-10.1 - EXHIBIT 10.1 - Ares Commercial Real Estate Corp | metlifefirstamendmenttomas.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 4, 2017
Ares Commercial Real Estate Corporation
(Exact name of registrant as specified in its charter)
Maryland | 001-35517 | 45-3148087 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
245 Park Avenue, 42nd Floor, New York, NY | 10167 | |
(Address of Principal Executive Offices) | (Zip Code) | |
Registrant’s telephone number, including area code (212) 750-7300
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. x
Item 1.01 Entry into a Material Definitive Agreement.
On August 4, 2017, ACRC Lender ML LLC (“ACRC Lender ML”), a subsidiary of Ares Commercial Real Estate Corporation, entered into an amendment to its $180.0 million Master Repurchase Agreement (the “MetLife Facility”) with Metropolitan Life Insurance Company. The purpose of the amendment to the MetLife Facility was to, among other things, decrease the interest rate on advances under the MetLife Facility to a rate of one-month LIBOR plus 2.30% and extend the initial maturity date of the MetLife Facility to August 12, 2020. The initial maturity date of the MetLife Facility is subject to two one-year extensions (the first extension option extending the maturity date to August 12, 2021 and the second extension option extending the maturity date to August 12, 2022), each of which may be exercised at ACRC Lender ML’s option, subject to the satisfaction of certain conditions and applicable extension fees being paid.
The foregoing description is only a summary of certain material provisions of the agreements relating to the MetLife Facility and is qualified in its entirety by reference to a copy of such agreements, which are filed herewith as Exhibit 10.1 and Exhibit 10.2, respectively.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information required by Item 2.03 contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
Exhibit Number | Exhibit Description | |
10.1 | First Amendment to Master Repurchase Agreement, dated as of August 4, 2017, by and between ACRC Lender ML LLC, as seller, and Metropolitan Life Insurance Company, as buyer. | |
10.2 | Reaffirmation of Guarantor, dated as of August 4, 2017, by Ares Commercial Real Estate Corporation in favor of Metropolitan Life Insurance Company. | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 9, 2017
ARES COMMERCIAL REAL ESTATE CORPORATION | ||
By: | /s/ Anton Feingold | |
Name: | Anton Feingold | |
Title: | Vice President and Secretary | |
Exhibit Index
Exhibit Number | Exhibit Description | |
First Amendment to Master Repurchase Agreement, dated as of August 4, 2017, by and between ACRC Lender ML LLC, as seller, and Metropolitan Life Insurance Company, as buyer. | ||
Reaffirmation of Guarantor, dated as of August 4, 2017, by Ares Commercial Real Estate Corporation in favor of Metropolitan Life Insurance Company. | ||