UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On December 31, 2024, Sonida Senior Living, Inc. (the “Company”) and certain of its subsidiaries (the “Borrowers”) entered into an Omnibus Amendment to Multifamily Loan and Security Agreements (the “Omnibus Amendment”) with each entity identified as an “Original Lender” on Schedule 1 thereto and the Federal National Mortgage Association (“Fannie Mae”). The Omnibus Amendment amends the terms of each of the Loan Agreements listed on Schedule 2 thereto (each, a “Loan Agreement” and collectively, the “Loan Agreements”). The Loan Agreements relate to 18 of the Company’s senior living communities and are interest-only through maturity, subject to the scheduled prepayments of principal noted below. The Omnibus Amendment, among other things:
| • | extends the maturity dates of each Loan Agreement to January 1, 2029; |
| • | provides for certain scheduled prepayments of the outstanding principal amounts under the Loan Agreements, payable by the Borrowers and/or the Company to Fannie Mae in immediately available funds consisting of: (i) an initial prepayment of $2 million, which was funded by the Company in connection with the execution and delivery of the Omnibus Amendment, (ii) a prepayment of $2 million on or before November 1, 2025 (the “Second Payment”), (iii) a prepayment of $3 million on or before November 1, 2026 (the “Third Payment”), and (iv) a prepayment of $3 million on or before November 1, 2027 (the “Fourth Payment”) (the Second Payment, the Third Payment, and the Fourth Payment each, a “Subsequent Payment”); and |
| • | provides that, if Fannie Mae receives each Subsequent Payment on or before the applicable date for each such Subsequent Payment, effective as of the date of Fannie Mae’s receipt of the Third Payment, the $10.0 million guaranty provided by the Company to and for the benefit of Fannie Mae (the “Supplemental Fannie Guaranty”), shall automatically terminate. |
The foregoing description of the Omnibus Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Omnibus Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
| Item 7.01 | Regulation FD Disclosure. |
On December 31, 2024, the Company also completed the acquisition of one senior living community located in Cincinnati, Ohio (the “Cincinnati Acquisition”) for a purchase price of $16.3 million. The Company funded the Cincinnati Acquisition with $18.25 million of seller-financing, including $2.0 million for capital expenditure investment into the community. The mortgage has an 84-month term and 24-month interest waiver to support lease-up and stabilization, with a 3% fixed interest-only rate thereafter.
On January 6, 2025, the Company issued a press release announcing the execution of the Omnibus Amendment and the completion of the Cincinnati Acquisition. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information included in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished pursuant to General Instruction B.2 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities of that section, and is not incorporated by reference into any filing under the Securities Act or the Exchange Act unless specifically identified therein as being incorporated therein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: January 6, 2025 | Sonida Senior Living, Inc. | |||||
| By: | /s/ Tabitha Bailey | |||||
| Name: | Tabitha Bailey | |||||
| Title: | Senior Vice President and Chief Legal Officer | |||||