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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Washington Prime Group Inc | NYSE:WPG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.8323 | 0 | 01:00:00 |
Indiana
Indiana
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001-36252
333-206500-01
|
46-4323686
46-4674640
|
||
(State or other jurisdiction
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(Commission
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(IRS Employer
|
||
of incorporation)
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File Number)
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Identification No.)
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180 East Broad Street
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Columbus
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Ohio
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43215
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(Address of Principal Executive Offices)
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(Zip Code)
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N/A
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(Former name or former address, if changed since last Report.)
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Title of each class
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Trading Symbols
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Name of each exchange on
which registered
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||
Common Stock, $0.0001 par value per share
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WPG
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New York Stock Exchange
|
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7.5% Series H Cumulative Redeemable Preferred Stock, par value $0.0001 per share
|
WPGPRH
|
New York Stock Exchange
|
||
6.875% Series I Cumulative Redeemable Preferred Stock, par value $0.0001 per share
|
WPGPRI
|
New York Stock Exchange
|
●
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Amendment No. 1 to Amended and Restated Revolving Credit and Term Loan Agreement (the “Bank of America Amendment”), dated as of the Amendment Effective Date, among the Borrower, the lenders party thereto, and Bank of America, N.A., as Administrative Agent (in such capacity, “BOA”) for the lenders thereunder, which amends that certain Amended and Restated Revolving Credit and Term Loan Agreement, dated as of January 22, 2018 (as amended by the Bank of America Amendment, the “Amended Bank of America Credit Agreement”), by and among the Borrower, the lenders party thereto from time to time and BOA;
|
●
|
Amendment No. 2 to Term Loan Agreement (the “PNC Amendment”), dated as of the Amendment Effective Date, among the Borrower, the lenders party thereto, and PNC Bank, N.A., as Administrative Agent (in such capacity, “PNC”) for the lenders thereunder, which amends that certain Term Loan Agreement, dated as of December 10, 2015 (as amended by that certain Amendment No. 1 to Term Loan Agreement, dated as of January 22, 2018, and the PNC Amendment, the “Amended PNC Credit Agreement” and together with the Amended Bank of America Credit Agreement, the “Partially Secured Amended Credit Agreements”), by and among the Borrower, the lenders party thereto from time to time and PNC; and
|
●
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Third Amendment to Senior Secured Term Loan Agreement (the “Huntington Amendment”, together with the Bank of America Amendment and the PNC Amendment, collectively, the “Amendments” and each an “Amendment”), dated as of the Amendment Effective Date, among the Borrower, WTM Stockton, LLC (together with the Borrower, the “Huntington Facility Borrowers”), the lenders party thereto, and The Huntington National Bank, as Administrative Agent (in such capacity, “Huntington”) for the lenders thereunder, which amends that certain Senior Secured Term Loan Agreement, dated as of June 8, 2016 (as amended as of the date hereof, the “Amended Huntington Credit Agreement” and together with the Partially Secured Amended Credit Agreements, the “Amended Credit Agreements”), by and among the Huntington Facility Borrowers, the lenders party thereto from time to time, and Huntington.
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●
|
waives compliance with certain total and unsecured leverage covenants for the fiscal quarter ending June 30, 2020, through and including the fiscal quarter ending September 30, 2020;
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●
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permanently removes a minimum combined equity value covenant, and, for the fiscal quarters beginning June 30, 2020 and ending June 30, 2021 (or, subject to meeting certain financial metrics, an earlier date elected by the Borrower) (such period, the “Covenant Modification Period”), modifies certain financial covenants (including, with respect to the Partially Secured Amended Credit Agreements, new borrowing base-specific covenants to be complied with until the “Security Release Trigger” (as described below)); for purposes of the financial covenants, “Annual EBITDA” will be determined on a building annualized basis for the fiscal quarters ending December 31, 2020, March 31, 2021 and June 30, 2021 and thereafter it will be determined on a last twelve month basis;
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●
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adds new operating covenants to be in effect during the Covenant Modification Period, including a minimum liquidity covenant, which requires that the Borrower maintain $65 million of unrestricted cash and cash equivalents at all times, tested on a monthly basis;
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●
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modifies certain other negative covenants during the Covenant Modification Period to limit certain non-ordinary course business transactions;
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●
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adds certain mandatory prepayment requirements in respect of certain transactions; and
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●
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increases the LIBOR floor to 50 basis points and, with respect to the Partially Secured Amended Credit Agreements, permanently changed interest rate margins such that the all-in interest rate, depending on total leverage levels, will range from LIBOR plus 2.35% to 2.60%.
|
10.1
|
|
10.2
|
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10.3
|
|
99.1
|
|
104
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
|
Date: August 17, 2020
|
Washington Prime Group Inc.
|
|||
By:
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/s/ Mark E. Yale
|
|||
Mark E. Yale
|
||||
Executive Vice President and Chief Financial Officer
|
||||
Date: August 17, 2020
|
Washington Prime Group, L.P.
|
|||
By:
|
Washington Prime Group Inc.,
its sole partner
|
|||
By:
|
/s/ Mark E. Yale
|
|||
Mark E. Yale
|
||||
Executive Vice President and Chief Financial Officer
|
||||
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