Veris Residential, Inc. Announces Amendment to Revolving Credit and Term Loan Enhances Financing Terms

Published: 2025-07-10 14:50:47 ET VRE

Published on 07/10/2025 at 14:50

On July 9, 2025, Veris Residential, L.P. (the ?Operating Partnership?), a Delaware limited partnership and the operating partnership through which Veris Residential, Inc., a Maryland corporation (the ?General Partner,? and collectively with the Operating Partnership, the ?Company?) conducts substantially all its business, entered into an amendment dated July 9, 2025 (the ?Amendment?) to the Company?s revolving credit and term loan agreement dated as of April 22, 2024 (the ?2024 Credit Agreement?) by and among the Operating Partnership, as borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, The Bank of New York Mellon, as Syndication Agent, Bank of America, N.A., Capital One, National Association, Goldman Sachs Bank USA and Royal Bank of Canada, as documentation agents, J.P. Morgan Securities, LLC, as Sustainability Structuring Agent, JPMorgan Chase Bank, N.A. and The Bank of New York Mellon as Joint Bookrunners and Joint Lead Arrangers, and BOFA Securities, Inc., Capital One, National Association, Goldman Sachs Bank USA and RBC Capital Markets, as Joint Lead Arrangers, and the other financial institutions party thereto (collectively, the ?Lenders?). The 2024 Credit Agreement provides for a $300 million senior secured revolving credit facility (the "2024 Revolving Credit Facility") and a $200 million senior secured term loan facility (the "2024 Term Loan").

Prior to the Amendment, the Operating Partnership?s obligations under the 2024 Credit Agreement were required to be secured by a first priority lien on no fewer than five (5) of the Operating Partnership?s properties with an aggregate appraised value of at least $900 million and currently consisting of: (i) The James; (ii) 145 Front Street at City Square; (iii) Signature Place; (iv) Soho Lofts; and (v) Liberty Towers (collectively, the ?Collateral Pool Properties?). Also prior to the Amendment, interest on borrowings under the 2024 Revolving Credit Facility and the 2024 Term Loan was based on an applicable interest rate (the ?Interest Rate?) plus a margin ranging from 100 basis points to 200 basis points (the ?Applicable Rate?) depending on the Interest Rate elected. The material terms of the Amendment provide for: The consent of the Lenders to the sale of The James, Signature Place and 145 Front Street at City Square, provided that the proceeds of sale are applied to the repayment in full of the 200 million outstanding balance under the Term Loan.

The removal of The James, Signature Place and 145 Front Street at City Square from the Collateral Pool Properties. A reduction in the Collateral Pool Properties from $900 million to $600 million of aggregate appraised value consisting of no fewer than two (2) of the Operating Partnership?s properties, initially consisting of Soho Lofts and Liberty Towers, and Portside 1 at East Pier to be added to the Collateral Pool Properties at a subsequent date. Interest Rates plus a margin ranging from 25 basis points to 180 basis points depending on the Interest Rate elected.