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[8-K] GLADSTONE COMMERCIAL CORP Reports Material Event

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(Moderate)
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Form Type
8-K

Gladstone Commercial Corporation (GOOD) entered into a Fifth Amended and Restated Credit Agreement on October 10, 2025 through its operating partnership, with KeyBank National Association as agent, sole book manager and joint lead arranger, alongside Bank of America, The Huntington Bank, and Fifth Third Bank as joint lead arrangers and co-syndication agents, plus other lenders.

The updated facility includes customary terms, covenants, events of default and borrowing limits tied to collateral tests for a credit line of this type. The company stated the amendment did not result in a material change to the applicable interest rate margin. Gladstone also announced the agreement via press release, which—together with the full credit documents—is included as exhibits.

Gladstone Commercial Corporation (GOOD) ha stipulato un Contratto di Credito quinto emendamento e riformulato il 10 ottobre 2025 tramite la sua partnership operativa, con KeyBank National Association come agente, unico book manager e joint lead arranger, insieme a Bank of America, The Huntington Bank, e Fifth Third Bank come joint lead arrangers e co-syndication agents, oltre ad altri creditori.

La facility aggiornata include termini, covenants, eventi di default e limiti di prestito legati a controlli di collateral per una linea di credito di questo tipo. L’azienda ha dichiarato che l’emendamento non ha comportato una modifica sostanziale del margine di interesse applicabile. Gladstone ha anche annunciato l’accordo tramite comunicato stampa, che insieme ai documenti completi di credito, è incluso come allegati.

Gladstone Commercial Corporation (GOOD) suscribió un Acuerdo de Crédito Cuarto con Quinto Enmendado y Refraseado el 10 de octubre de 2025 a través de su sociedad de operaciones, con KeyBank National Association como agente, único book manager y co-arranger principal, junto con Bank of America, The Huntington Bank, y Fifth Third Bank como co-arrangers principales y co-agentes de sindicación, además de otros prestamistas.

La facilities actualizada incluye términos habituales, covenants, eventos de incumplimiento y límites de endeudamiento vinculados a pruebas de colateral para una línea de crédito de este tipo. La empresa afirmó que la enmienda no resultó en un cambio material al margen de interés aplicable. Gladstone también anunció el acuerdo mediante un comunicado de prensa, que junto con los documentos completos de crédito, se incluye como anexos.

Gladstone Commercial Corporation (GOOD)은 다섯 번째 수정 및 재진술 신용계약2025년 10월 10일에 운영 파트너십을 통해 체결했고, KeyBank National Association를 에이전트, 유일한 북 매니저 및 공동 주선배치자, 함께 Bank of America, The Huntington Bank,Fifth Third Bank를 공동 주선배치자 및 공동 심화 대리인으로 맞춰, 다른 대주단자들과 함께 체결했습니다.

업데이트된 시설은 일반 조건, covenants, 채무불이행 사건담보 테스트에 연계된 차입 한도를 포함합니다. 회사는 이 수정이 적용 이자율 마진에 중대한 변화가 없었다고 밝혔습니다. Gladstone은 또한 보도자료를 통해 합의 내용을 발표했고, 전체 신용 문서도 첨부로 포함되어 있습니다.

Gladstone Commercial Corporation (GOOD) a conclu un Contrat de Crédit quinzième amendement et révisé le 10 octobre 2025 par le biais de sa société opérationnelle, avec KeyBank National Association comme agent, seul book manager et arrangeur principal conjoint, aux côtés de Bank of America, The Huntington Bank, et Fifth Third Bank comme arrangeurs principaux conjoints et co-agent de syndication, plus d’autres prêteurs.

La facilité mise à jour comprend des termes habituels, covenants, événements de défaut et des limites d’emprunt liées à des tests de collatéral pour une ligne de crédit de ce type. La société a déclaré que l’amendement n’a pas entraîné de changement matériel du taux d’intérêt applicable. Gladstone a également annoncé l’accord via un communiqué de presse, qui, avec l’intégralité des documents de crédit, est inclus en pièces jointes.

Gladstone Commercial Corporation (GOOD) hat am 10. Oktober 2025 durch seine Betriebspartnerschaft ein fünftes geändertes und neu gefasstes Kreditabkommen abgeschlossen, wobei KeyBank National Association als Agent, alleiniger Book Manager und gemeinsamer Lead Arranger fungieren, zusammen mit Bank of America, The Huntington Bank, und Fifth Third Bank als gemeinsame Lead Arrangers und Kofinanzierungsagenten sowie weitere Kreditgeber.

Die aktualisierte Einrichtung umfasst übliche Konditionen, Covenants, Ausfallereignisse und Kreditgrenzen, die an Sicherheitenprüfungen für eine solche Kreditlinie gebunden sind. Das Unternehmen erklärte, die Änderung habe keine wesentliche Veränderung des anwendbaren Zinssatzes zur Folge. Gladstone kündigte das Abkommen auch per Pressemitteilung an, die zusammen mit den vollständigen Kreditdokumenten als Anhänge enthalten ist.

Gladstone Commercial Corporation (GOOD) أبرمت اتفاقية ائتمان معدلة وخامسة في 10 أكتوبر 2025 عبر شراكتها التشغيلية، مع KeyBank National Association كوكيل، ومدير دفتر وحيد ومنسق رئيسي مشترك، إلى جانب Bank of America, The Huntington Bank, وFifth Third Bank كمنسقين رئيسيين ووكلاء اندماج مشتركين، بالإضافة إلى مقرضين آخرين.

تشمل التسهيلة المحدثة أحكاماً اعتيادية، والتعهدات، وحدوث أحداث التخلف عن السداد وحدود الاقتراض المرتبطة بـاختبارات الضمان لهذا النوع من خطوط الائتمان. وذكرت الشركة أن التعديل لم يؤدي إلى تغيير مادي في هامش سعر الفائدة المعمول به. كما أعلنت Gladstone عن الاتفاق من خلال بيان صحفي، والذي—مع وثائق الائتمان الكاملة—يُدرج كملاحق.

Gladstone Commercial Corporation(GOOD)通过其运营合伙企业与 KeyBank National Association 作为代理、唯一账本经理及共同首席安排人,与 Bank of America, The Huntington Bank,Fifth Third Bank 作为共同首席安排人及共同分销代理人,以及其他贷款人,签署了 第五次修订并重述的信贷协议,日期为 2025年10月10日

更新后的信贷安排包含 惯常条款、契约、违约事件 以及与此类信贷额度相关的抵押测试的借款上限。公司表示,该修订 未对适用的利率边际产生实质性变化。Gladstone 还通过新闻稿宣布该协议,连同完整的信贷文件一起作为附件提供。

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Insights

Material debt agreement amendment maintains pricing; liquidity access and covenants remain central drivers.

Gladstone Commercial Corporation executed a Fifth Amended and Restated Credit Agreement on October 10, 2025 with a multi-bank syndicate led by KeyBank. The agreement is a material contract and establishes ongoing borrowing supported by collateral tests. The company states no material change to the applicable interest rate margin, indicating economic terms are broadly maintained.

The facility includes customary covenants, events of default, and borrowing base constraints linked to collateral performance. This structure helps provide flexibility while limiting availability if collateral values or tests tighten. With the margin unchanged, near-term interest cost dynamics appear stable under this facility, placing emphasis on collateral coverage and covenant compliance.

Key items to watch include the facility’s covenant thresholds, collateral eligibility tests, and any scheduled reporting or certification dates within the agreement. The effective date is October 10, 2025, with a press release dated October 14, 2025. Monitoring subsequent disclosures for borrowing availability, utilization, and compliance under this amended facility will clarify liquidity headroom over the next few quarters.

Gladstone Commercial Corporation (GOOD) ha stipulato un Contratto di Credito quinto emendamento e riformulato il 10 ottobre 2025 tramite la sua partnership operativa, con KeyBank National Association come agente, unico book manager e joint lead arranger, insieme a Bank of America, The Huntington Bank, e Fifth Third Bank come joint lead arrangers e co-syndication agents, oltre ad altri creditori.

La facility aggiornata include termini, covenants, eventi di default e limiti di prestito legati a controlli di collateral per una linea di credito di questo tipo. L’azienda ha dichiarato che l’emendamento non ha comportato una modifica sostanziale del margine di interesse applicabile. Gladstone ha anche annunciato l’accordo tramite comunicato stampa, che insieme ai documenti completi di credito, è incluso come allegati.

Gladstone Commercial Corporation (GOOD) suscribió un Acuerdo de Crédito Cuarto con Quinto Enmendado y Refraseado el 10 de octubre de 2025 a través de su sociedad de operaciones, con KeyBank National Association como agente, único book manager y co-arranger principal, junto con Bank of America, The Huntington Bank, y Fifth Third Bank como co-arrangers principales y co-agentes de sindicación, además de otros prestamistas.

La facilities actualizada incluye términos habituales, covenants, eventos de incumplimiento y límites de endeudamiento vinculados a pruebas de colateral para una línea de crédito de este tipo. La empresa afirmó que la enmienda no resultó en un cambio material al margen de interés aplicable. Gladstone también anunció el acuerdo mediante un comunicado de prensa, que junto con los documentos completos de crédito, se incluye como anexos.

Gladstone Commercial Corporation (GOOD)은 다섯 번째 수정 및 재진술 신용계약2025년 10월 10일에 운영 파트너십을 통해 체결했고, KeyBank National Association를 에이전트, 유일한 북 매니저 및 공동 주선배치자, 함께 Bank of America, The Huntington Bank,Fifth Third Bank를 공동 주선배치자 및 공동 심화 대리인으로 맞춰, 다른 대주단자들과 함께 체결했습니다.

업데이트된 시설은 일반 조건, covenants, 채무불이행 사건담보 테스트에 연계된 차입 한도를 포함합니다. 회사는 이 수정이 적용 이자율 마진에 중대한 변화가 없었다고 밝혔습니다. Gladstone은 또한 보도자료를 통해 합의 내용을 발표했고, 전체 신용 문서도 첨부로 포함되어 있습니다.

Gladstone Commercial Corporation (GOOD) a conclu un Contrat de Crédit quinzième amendement et révisé le 10 octobre 2025 par le biais de sa société opérationnelle, avec KeyBank National Association comme agent, seul book manager et arrangeur principal conjoint, aux côtés de Bank of America, The Huntington Bank, et Fifth Third Bank comme arrangeurs principaux conjoints et co-agent de syndication, plus d’autres prêteurs.

La facilité mise à jour comprend des termes habituels, covenants, événements de défaut et des limites d’emprunt liées à des tests de collatéral pour une ligne de crédit de ce type. La société a déclaré que l’amendement n’a pas entraîné de changement matériel du taux d’intérêt applicable. Gladstone a également annoncé l’accord via un communiqué de presse, qui, avec l’intégralité des documents de crédit, est inclus en pièces jointes.

Gladstone Commercial Corporation (GOOD) hat am 10. Oktober 2025 durch seine Betriebspartnerschaft ein fünftes geändertes und neu gefasstes Kreditabkommen abgeschlossen, wobei KeyBank National Association als Agent, alleiniger Book Manager und gemeinsamer Lead Arranger fungieren, zusammen mit Bank of America, The Huntington Bank, und Fifth Third Bank als gemeinsame Lead Arrangers und Kofinanzierungsagenten sowie weitere Kreditgeber.

Die aktualisierte Einrichtung umfasst übliche Konditionen, Covenants, Ausfallereignisse und Kreditgrenzen, die an Sicherheitenprüfungen für eine solche Kreditlinie gebunden sind. Das Unternehmen erklärte, die Änderung habe keine wesentliche Veränderung des anwendbaren Zinssatzes zur Folge. Gladstone kündigte das Abkommen auch per Pressemitteilung an, die zusammen mit den vollständigen Kreditdokumenten als Anhänge enthalten ist.

GLADSTONE COMMERCIAL CORP false 0001234006 0001234006 2025-10-10 2025-10-10 0001234006 us-gaap:CommonStockMember 2025-10-10 2025-10-10 0001234006 good:A6.625SeriesECumulativeRedeemablePreferredStockMember 2025-10-10 2025-10-10 0001234006 good:A7.00SeriesDCumulativeRedeemablePreferredStockMember 2025-10-10 2025-10-10
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): October 14, 2025 (October 10, 2025)

 

 

Gladstone Commercial Corporation

(Exact Name of Registrant as Specified in Charter)

 

 

 

Maryland   001-33097   02-0681276

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification Number)

1521 Westbranch Drive, Suite 100, McLean, Virginia 22102

(Address of Principal Executive Offices) (Zip Code)

(703) 287-5800

(Registrant’s telephone number, including area code)

Not Applicable

(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:

 

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading
Symbol(s)

 

Name of each exchange

on which registered

Common Stock, $0.001 par value per share   GOOD   The Nasdaq Stock Market LLC
6.625% Series E Cumulative Redeemable Preferred Stock, par value $0.001 per share   GOODN   The Nasdaq Stock Market LLC
6.00% Series G Cumulative Redeemable Preferred Stock, par value $0.001 per share   GOODO   The Nasdaq Stock Market LLC

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 

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 1.01

Entry into a Material Definitive Agreement.

On October 10, 2025, Gladstone Commercial Corporation (the “Company”), through its subsidiary Gladstone Commercial Limited Partnership entered into the Fifth Amended and Restated Credit Agreement and Other Loan Documents with KeyBank National Association, as agent, sole book manager and joint lead arranger, Bank of Amercia, N.A., The Huntington Bank and Fifth Third Bank National Association, as joint lead arrangers and co-syndication agents, and certain other lenders party thereto (the “Amended Credit Facility”).

Among other things, the Amended Credit Facility:

 

   

Increased the credit facility size from $475 million to $600 million, with the term loan component of the credit facility being increased to $400 million through, a $35 million reduction to Term Loan A, a $103 million increase to Term Loan B, an $18 million reduction to Term Loan C and a $75 million increase of the revolving credit facility to $200 million;

 

   

Allows for the Amended Credit Facility to be increased by $250 million upon the Company’s request, subject to certain conditions and lender funding;

 

   

Extended the revolving credit maturity date to October 2029;

 

   

Extended the maturity date of Term Loan A to October 2029 and Term Loan B to February 2030;

 

   

Provided an option to extend the Term Loan C component until February 2029; and

 

   

Updated certain existing terms and covenants.

The Amended Credit Facility continues to include customary terms, covenants, events of default and constraints on borrowing availability based on collateral tests for a credit facility of its size and nature. The Amended Credit Facility did not result in a material change to the applicable interest rate margin.

The foregoing summary of the Amended Credit Facility is not complete and is qualified in its entirety by reference to the Amended Credit Facility, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein. The Company also issued a press release announcing the Amended Credit Facility. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

 

Item 2.03.

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 is hereby incorporated by reference into this Item 2.03.

 

Item 9.01.

Financial Statements and Exhibits

 

(c)

Exhibits

 

Exhibit

 No. 

  

Description

10.1    Fifth Amended and Restated Credit Agreement and Other Loan Documents, dated as of October 10, 2025 by and among Gladstone Commercial Limited Partnership, as borrower, Gladstone Commercial Corporation and certain of its wholly owned subsidiaries, as guarantors, each of the financial institutions initially a signatory thereto together with their successors and assignees, as lenders, and KeyBank National Association, as lender and agent.
99.1    Press Release issued by Gladstone Commercial Corporation dated October 14, 2025.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)


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 hereunto duly authorized.

 

   

Gladstone Commercial Corporation

      (Registrant)

October 14, 2025     By:  

/s/ Gary Gerson

      (Gary Gerson, Chief Financial Officer)

FAQ

What did Gladstone Commercial (GOOD) announce?

The company entered into a Fifth Amended and Restated Credit Agreement with a bank syndicate led by KeyBank as agent.

Who are the key banks in GOOD’s amended credit facility?

KeyBank is agent and sole book manager; Bank of America, The Huntington Bank, and Fifth Third Bank are joint lead arrangers and co-syndication agents.

Did the amendment change Gladstone Commercial’s interest margin?

No. The company stated it did not result in a material change to the applicable interest rate margin.

What terms govern GOOD’s amended facility?

It includes customary terms, covenants, events of default, and borrowing availability constraints based on collateral tests.

Where can investors find the full credit agreement and press release?

They are filed as exhibits: the credit agreement as Exhibit 10.1 and the press release as Exhibit 99.1.

When was the agreement executed?

The agreement is dated October 10, 2025.
Gladstone Commercial Corp

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