Item 1.02
Termination of a Material Definitive Agreement.
In connection with the consummation of the Mergers (as defined below), on July 26, 2018, Quality Care Properties, Inc. (the Company or QCP) repaid in full all outstanding amounts under its First Lien Credit and Guarantee Agreement, dated as of October 31, 2016, among the Company, certain of the Companys subsidiaries, lenders parties thereto and with a syndicate of banks and Barclays Bank PLC, as administrative agent (the Credit Agreement), and terminated the Credit Agreement and all commitments by the lenders to extend further credit thereunder.
The Credit Agreement is more fully described in the Companys Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the SEC) on October 31, 2016, which description is incorporated herein by reference. The description of the Credit Agreement incorporated by reference is not complete and is subject to and entirely qualified by reference to the full text of the Credit Agreement.
Also in connection with the consummation of the Mergers, on July 26, 2018, Potomac (as defined below) redeemed all 8.125% Senior Secured Second Lien Notes due 2023 (the Notes) originally issued by QCP AL REIT, LLC, QCP SNF West REIT, LLC, QCP SNF Central REIT, LLC and QCP SNF East REIT, LLC (the Original Issuers) pursuant to the Indenture, dated as of October 17, 2016 (the Indenture), by and among the Original Issuers, the guarantors party thereto, and Wilmington Trust, National Association (the Trustee), as trustee, as supplemented by the Supplemental Indenture dated as of October 31, 2016, by and among the guarantors party thereto and the Trustee, and the Supplemental Indenture dated as of July 26, 2018 by and among, the Original Issuers, the Trustee and Potomac, representing an outstanding aggregate principal amount of $750,000,000, and effected the satisfaction and discharge of the Indenture and the release of all collateral from the liens created by the Indenture and the related security documents.