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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/19/20 American Finance Trust, Inc 8-K:8 3/19/20 11:236K Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 35K 6: R1 Cover HTML 53K 10: XML IDEA XML File -- Filing Summary XML 12K 7: XML XBRL Instance -- tm2013175-1_8k_htm XML 19K 9: EXCEL IDEA Workbook of Financial Reports XLSX 6K 3: EX-101.DEF XBRL Definitions -- afin-20200319_def XML 74K 4: EX-101.LAB XBRL Labels -- afin-20200319_lab XML 102K 5: EX-101.PRE XBRL Presentations -- afin-20200319_pre XML 71K 2: EX-101.SCH XBRL Schema -- afin-20200319 XSD 13K 8: JSON XBRL Instance as JSON Data -- MetaLinks 27± 36K 11: ZIP XBRL Zipped Folder -- 0001104659-20-035555-xbrl Zip 15K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): i March 19, 2020
i American Finance Trust, Inc.
(Exact Name of Registrant as Specified in Charter)
| i Maryland | i 001-38597 | i 90-0929989 | ||
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| i 650 Fifth Avenue, i 30th
Floor i New York, i New York i 10019 |
|
(Address, including zip code, of Principal Executive Offices)
Registrant’s telephone number, including area code: ( i 212) i 415-6500 |
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:
Securities registered pursuant to Section 12(b) of the Act:
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).
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. ¨
Item 8.01. Other Information.
Term Sheet for New Securitized Mortgage Loan
On March 19, 2020, American Finance Trust, Inc. (the “Company”) announced that it is in negotiations to refinance its existing $497.1 million securitized mortgage loan maturing in September 2020, and had entered into a non-binding term sheet with certain potential lenders contemplating a potential new $700 million securitized loan with a term of ten years that would be secured by 373 of the Company’s single-tenant net leased properties. As previously disclosed, the Company’s existing securitized mortgage loan bears interest at an effective interest rate equal to 4.36% per annum and is secured by 244 of the Company’s single-tenant net leased properties as of December 31, 2019. The Company expects to use the proceeds from the potential new loan to refinance the existing mortgage loan and to repay amounts outstanding under its existing revolving credit facility, which would create additional availability for future borrowing thereunder that could be used to fund acquisitions in the future. The Company expects the potential new loan to bear interest at an effective interest rate less than the rate on the existing mortgage loan being refinanced. As of December 31, 2019, the weighted average interest rate of borrowings under the Company’s revolving credit facility was 3.8%.
The completion of the potential new loan is subject to, among other things, the negotiation and execution of definitive documentation, and there can be no assurance the potential new loan will be completed on the terms contemplated by the term sheet, or at all.
Forward-Looking Statements
The statements in this Current Report on Form 8-K that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. Forward-looking statements may include, but are not limited to, statements regarding stockholder liquidity and investment value and returns. The words “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “may,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the potential adverse effects of the ongoing global coronavirus pandemic, including actions taken to contain or treat the coronavirus, on the Company, the Company’s tenants and the global economy and financial markets, as well as those set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed on February 27, 2020 and all other filings with the SEC after that date, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.
C:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| AMERICAN FINANCE TRUST, INC. | ||
| By: | /s/ Edward M. Weil, Jr. | |
| Edward M. Weil, Jr. | ||
|
Chief Executive Officer and President (Principal Executive Officer) | ||
Dated: March 19, 2020
C:
| This ‘8-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on / For Period end: | 3/19/20 | 8-K | ||
| 2/27/20 | 10-K, 8-K, DEF 14A, DEFA14A | |||
| 12/31/19 | 10-K | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/13/21 Necessity Retail REIT, Inc. 424B5 1:949K Toppan Merrill/FA 12/15/20 Necessity Retail REIT, Inc. 424B5 1:1M Toppan Merrill/FA 12/14/20 Necessity Retail REIT, Inc. 424B5 1:1M Toppan Merrill/FA |