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XAN

Exantas Capital

$2.77 /

-0.11 (-3.82%)

09:15
03/25/20
03/25
09:15
03/25/20
09:15

Exantas Capital provides update on financial obligations

Exantas Capital and its subsidiaries have received margin calls from CMBS repo financing counterparties, due to the turmoil in the financial markets resulting from the global pandemic of the COVID-19 virus. As of the close of business on March 23, the company did not meet all of its margin calls. The company has requested that its CMBS repo financing counterparties forbear from exercising rights under the applicable agreements to allow the company to evaluate its options for responding to the current situation. On March 24, the company received written notices from certain affiliates of Royal Bank of Canada alleging that events of default had occurred with respect to various financing agreements. The company disputes RBC's notices of events of default and intends to assert its rights and defenses against any wrongful conduct by its CMBS repo financing counterparties. The company estimates that, as of March 24, the company's aggregate obligations subject to the foregoing notices of default are approximately $225M. The company is pursuing discussions with its CMBS repo financing counterparties with regard to entering into forbearance agreements pursuant to which each counterparty would agree to forbear from exercising its rights and remedies under the applicable financing arrangement for an agreed-upon period. The company continues to consider its strategic options for responding to margin calls Under the terms of the applicable financing arrangements, if the company fails to deliver additional collateral or otherwise meet margin calls when due, the CMBS repo counterparties may demand immediate payment by the company of the aggregate outstanding financing obligations owed to such counterparties, and if such financing obligations are not paid, may sell the securities and apply the proceeds to the cCompany's financing obligations and/or take ownership of the securities securing the company's financing obligations. The Board of Directors of the Company has rescinded the Company's previously announced cash dividend of 27.5c per common share for shareholders of record on March 31 and the cash dividend in the amount of $0.539063 per share on its 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock for shareholders of record on April 30 due to the events described above and the uncertainties in the market resulting from the COVID-19 pandemic.

XAN Exantas Capital
$2.77 /

-0.11 (-3.82%)

05/02/19 Deutsche Bank
Exantas Capital upgraded to Buy from Hold at Deutsche Bank

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