Sealy Industrial Partners IV, LP 8-K

What Happened
Sealy Industrial Partners IV (through its indirect subsidiary Sealy Industrial Partners IV OP, LP) entered into a First Amended and Restated Credit Agreement dated January 15, 2026 with KeyBank (agent) and lenders, establishing senior secured facilities with an initial $150 million commitment. The facility consists of a $150 million revolving credit line (no term loans initially), matures March 30, 2029 (with a one‑year extension option if conditions are met), and includes an accordion to increase total capacity up to $500 million. The company also filed its Q4 2025 Quarterly Operations Summary on January 22, 2026 (Exhibit 99.1).

Key Details

• Initial facilities: $150 million senior secured (Revolver $150M; Term Loan A and B $0 initially).
• Accordion: Borrower may increase aggregate facilities up to $500 million (subject to lender approval and no continuing default).
• Pricing: Revolver interest tied to Base Rate or SOFR with spreads that depend on leverage (e.g., Base Rate +0.75% if leverage <50%, +0.85% if ≥50%; SOFR-based spreads of +1.75%/1.85%).
• Fees & security: unused facility fee of 0.20%–0.25% p.a.; one‑time financing coordination fee of 0.50% paid to the general partner; facilities secured by first‑priority liens on the Borrower’s real estate assets and equity interests.
• Covenants: customary representations, affirmative/negative covenants and financial covenants (minimum tangible net worth, leverage and coverage ratios); prepayment allowed subject to lender reimbursement for certain costs.

Why It Matters
This amendment establishes the company’s near‑term liquidity runway and borrowing flexibility via a $150M revolver with the ability to scale to $500M, which can support operations, property investments or refinancing needs. The facility is secured by core assets and contains routine financial covenants investors should monitor (leverage, net worth, coverage ratios). The Q4 2025 Operations Summary was filed concurrently and should be reviewed for results that show how the business performed heading into this financing arrangement.