Debt

As of March 31, 2019 and December 31, 2018, the Company's debt and related deferred financing costs consisted of the following:



	March 31, 2019			December 31, 2018			Contractual Interest Rate⁽¹⁾	Payment Type	Loan Maturity	Effective Interest Rate ⁽²⁾
BofA/KeyBank Loan	$	250,000		$	250,000		4.32%	Interest Only	May 2028	4.42%
AIG Loan	126,970			126,970			4.15%	Interest Only ⁽³⁾	November 2025	4.22%
Total Mortgage Debt	376,970			376,970
Term Loan	123,000			113,000			LIBOR + 1.25% ⁽⁴⁾	Interest Only	June 2023	3.81%
Revolving credit facility	85			85			LIBOR + 1.30% ⁽⁴⁾	Interest Only	June 2023 ⁽⁵⁾	4.04%
Total Debt	500,055			490,055
Unamortized deferred financing costs	(7,706		)	(8,100		)
Total Debt, net	$	492,349		$	481,955


(1)	The weighted average interest rate as of March 31, 2019 was approximately 4.18% for the Company's fixed-rate and variable-rate debt combined.


(2)	Includes the effect of amortization of deferred financing costs.


(3)	The AIG Loan (as defined below) requires monthly payments of interest only, at a fixed rate, for the first five years and fixed monthly payments of principal and interest thereafter.


(4)	The London Interbank Offered Rate ("LIBOR") as of March 31, 2019 was 2.50%.


(5)	The revolving credit facility has an initial term of four years, maturing on June 28, 2022, and may be extended for a one-year period if certain conditions are met and upon payment of an extension fee. See discussion below.

Amended and Restated Credit Agreement

On June 28, 2018, the Company, through the Operating Partnership, entered into an amended and restated credit agreement (the "Amended and Restated Credit Agreement") related to a revolving credit facility and a term loan (collectively, the "Unsecured Credit Facility") with a syndicate of lenders, under which KeyBank, National Association ("KeyBank") serves as administrative agent, and various notes related thereto. In addition, the Company entered into a guaranty agreement.

Pursuant to the Amended and Restated Credit Agreement, the Company was provided with a revolving credit facility in an initial commitment amount of up to $550 million and a term loan (the "Term Loan") in an initial commitment amount of up to $200 million, which commitments may be increased under certain circumstances up to a maximum total commitment of $1.25 billion. Any increase in the total commitment will be allocated to the revolving credit facility and/or the term loan in such amounts as the Operating Partnership and KeyBank may determine. The revolving credit facility may be prepaid and terminated, in whole or in part, at any time without fees or penalty.

The revolving credit facility has an initial term of four years, maturing on June 28, 2022. The revolving credit facility may be extended for a one-year period if certain conditions are met and the Operating Partnership pays an extension fee. Payments under the revolving credit facility are interest only and are due on the first day of each quarter. Amounts borrowed under the revolving credit facility may be repaid and reborrowed, subject to the terms of the Amended and Restated Credit Agreement.

The Term Loan has an initial term of five years, maturing on June 28, 2023. Payments under the Term Loan are interest only and are due on the first day of each quarter. Amounts borrowed under the Term Loan may not be repaid and reborrowed.

On April 30, 2019, the Company, through the GCEAR Operating Partnership, entered into that certain second amended and restated credit agreement (the "Second Amended and Restated Credit Agreement") related to a revolving credit facility and three term loans with a syndicate of lenders, under which KeyBank serves as administrative agent. See Note 12, Subsequent Events, for additional details.

As of March 31, 2019, the remaining capacity pursuant to the Unsecured Credit Facility was $214.4 million.

Bank of America and KeyBank Loan

On April 27, 2018, the Company, through four SPEs that own the respective four properties noted below and owned by the Operating Partnership, entered into a loan agreement (the "Loan Agreement”) with Bank of America, N.A. and KeyBank (together with their successors and assigns, collectively, the "Lender") in which the Company borrowed $250.0 million (the "BofA/KeyBank Loan").

The Company utilized approximately $249.8 million of the proceeds provided by the BofA/KeyBank Loan to pay down a portion of the revolving credit facility. In connection with this pay down of the revolving credit facility, KeyBank released four of the special purpose entities owned by the Company's Operating Partnership from their obligations as guarantors under the revolving credit facility. The BofA/KeyBank Loan is secured by cross-collateralized and cross-defaulted first mortgage liens on the properties with the following tenants: 3M Company, Amazon.com.dedc LLC, Southern Company Services, Inc. and IGT (each, a "Secured Property"). In connection with this transaction, the Company entered into a nonrecourse carve-out guaranty agreement.

In addition to their first mortgage lien, the Lender also has a security interest in all other property relating to the ownership, use, maintenance or operation of the improvements on each Secured Property and all rents, profits and revenues from each Secured Property.

The BofA/KeyBank Loan has a term of 10 years, maturing on May 1, 2028. The BofA/KeyBank Loan bears interest at an annual rate of 4.32%. Commencing on June 1, 2020, the BofA/KeyBank Loan may be prepaid but only if such prepayment is made in full (with certain exceptions), subject to certain conditions set forth in the Loan Agreement, including 30 days' prior notice to the Lender and payment of a prepayment premium in addition to all unpaid principal and accrued interest to the date of such prepayment. Commencing on November 1, 2027, the BofA/KeyBank Loan may be prepaid in whole or in part, subject to satisfaction of certain conditions, including 30 days' prior notice to the Lender, without payment of any prepayment premium.

As of March 31, 2019, there was approximately $250.0 million outstanding pursuant to the BofA/KeyBank Loan.

AIG Loan

On October 22, 2015, six SPEs that are wholly owned by the Operating Partnership entered into promissory notes with The Variable Annuity Life Insurance Company, American General Life Insurance Company, and the United States Life Insurance Company (collectively, the "Lenders"), pursuant to which the Lenders provided such SPEs with a loan in the aggregate amount of approximately $127.0 million (the "AIG Loan").

The AIG Loan has a term of 10 years, maturing on November 1, 2025. The AIG Loan bears interest at a rate of 4.15%. The AIG Loan requires monthly payments of interest only for the first five years and fixed monthly payments of principal and interest thereafter. The AIG Loan is secured by cross-collateralized and cross-defaulted first lien deeds of trust and second lien deeds of trust on certain properties. Commencing October 31, 2017, each of the individual promissory notes comprising the AIG Loan may be prepaid but only if such prepayment is made in full, subject to 30 days' prior notice to the holder and payment of a prepayment premium in addition to all unpaid principal and accrued interest to the date of such prepayment.

As of March 31, 2019, there was approximately $127.0 million outstanding pursuant to the AIG Loan.

Debt Covenant Compliance

Pursuant to the terms of the Unsecured Credit Facility, BofA/KeyBank Loan and AIG Loan, the Company is subject to certain loan compliance covenants. The Company was in compliance with all applicable covenants as of March 31, 2019.