Five Point pushes out $125 million revolver maturity to 2026

By Mary-Katherine Stinson

Lexington, Ky., Oct. 20 – Five Point Holdings, LLC operating company Five Point Operating Co., LP on Oct. 19 amended its $125 million revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

As with the previous amendment, the central change arising from this fifth amendment is the extension of the maturity date to April 2026 from April 2024, subject to a springing earlier maturity date of July 2025 if the substantial majority of the operating company’s existing senior notes are not refinanced, repaid or extended before that date.

There is an option to extend the maturity by an additional year.

Borrowings under the revolver will bear interest at one-month CME term SOFR increased by 10 basis points plus a margin of either 225 bps or 250 bps, based on leverage.

On the date of the amendment, no funds were drawn.

Zions Bancorp, NA is the administrative agent.

Lenders are Zions, Citibank, NA, Comerica Bank and JPMorgan Chase Bank, NA.

Five Point is an Irvine, Calif.-based planner and developer of mixed-use, master-planned communities.

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