Forestar Group Inc 8-K, filed Feb 25, 2020

Forestar Group Inc. (FOR)

8-K 2020-02-25 For: 2020-02-25

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Added on April 12, 2026

About this 8-K

Forestar Group Inc filed this 8-K on February 25, 2020.

Items reported

Item 1.01: Entered into a material agreement
Item 2.03: New debt or off-balance-sheet obligation
Item 9.01: Financial statements and exhibits

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	Forestar Group Inc.

Date: February 25, 2020	By:	/s/ DANIEL C. BARTOK
		Daniel C. Bartok

		Chief Executive Officer


		Page

ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE			1

Section 1.01	Definitions		1
Section 1.02	Other Definitions		28
Section 1.03	Rules of Construction		29
Section 1.04	Acts of Holders		30
Section 1.05	Limited Condition Acquisitions		30

ARTICLE 2 THE NOTES			31

Section 2.01	Form and Dating; Terms		31
Section 2.02	Execution and Authentication		32
Section 2.03	Registrar and Paying Agent		33
Section 2.04	Paying Agent to Hold Money in Trust		33
Section 2.05	Holder Lists		33
Section 2.06	Transfer and Exchange		33
Section 2.07	Replacement Notes		35
Section 2.08	Outstanding Notes		35
Section 2.09	Treasury Notes		36
Section 2.10	Temporary Notes		36
Section 2.11	Cancellation		36
Section 2.12	Defaulted Interest		36
Section 2.13	CUSIP and ISIN Numbers		37
Section 2.14	Computation of Interest		37

ARTICLE 3 REDEMPTION			37

Section 3.01	Notices to Trustee		37
Section 3.02	Selection of Notes to Be Redeemed or Purchased		37
Section 3.03	Notice of Redemption		38
Section 3.04	Effect of Notice of Redemption		39
Section 3.05	Deposit of Redemption or Purchase Price		39
Section 3.06	Notes Redeemed or Purchased in Part		39
Section 3.07	Optional Redemption		39
Section 3.08	Mandatory Redemption; Open Market Purchases		41
Section 3.09	Offers to Repurchase by Application of Excess Proceeds		41

ARTICLE 4 COVENANTS			43

Section 4.01	Payment of Notes		43
Section 4.02	Maintenance of Office or Agency		43
Section 4.03	Reports		43
Section 4.04	Compliance Certificate		45
Section 4.05	Corporate Existence		45
Section 4.06	Payment of Taxes		46
Section 4.07	Stay, Extension and Usury Laws		46
Section 4.08	Restricted Payments		46
Section 4.09	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries		49
Section 4.10	Incurrence of Indebtedness and Issuance of Preferred Stock		51
Section 4.11	Asset Sales		55
Section 4.12	Transactions with Affiliates		57


		Page
Section 4.13	Liens		59
Section 4.14	Permitted Business Activities		59
Section 4.15	Offer to Repurchase upon Change of Control Triggering Event		59
Section 4.16	Additional Subsidiary Guarantors		62
Section 4.17	Designation of Restricted Subsidiaries and Unrestricted Subsidiaries		62
Section 4.18	Effectiveness of Covenants		62

ARTICLE 5 SUCCESSORS			64

Section 5.01	Merger, Consolidation or Sale of Assets		64
Section 5.02	Successor Entity Substituted		65

ARTICLE 6 DEFAULTS AND REMEDIES			65

Section 6.01	Events of Default		65
Section 6.02	Acceleration		67
Section 6.03	Other Remedies		67
Section 6.04	Waiver of Past Defaults		67
Section 6.05	Control by Majority		68
Section 6.06	Limitation on Suits		68
Section 6.07	Rights of Holders to Receive Payment		68
Section 6.08	Collection Suit by Trustee		69
Section 6.09	Restoration of Rights and Remedies		69
Section 6.10	Rights and Remedies Cumulative		69
Section 6.11	Delay or Omission Not Waiver		69
Section 6.12	Trustee May File Proofs of Claim		69
Section 6.13	Priorities		70
Section 6.14	Undertaking for Costs		70

ARTICLE 7 TRUSTEE			70

Section 7.01	Duties of Trustee		70
Section 7.02	Rights of Trustee		71
Section 7.03	Individual Rights of the Trustee		73
Section 7.04	Trustee’s Disclaimer		73
Section 7.05	Notice of Defaults		73
Section 7.06	Limitation on Trustee’s Liability		73
Section 7.07	Compensation and Indemnity		73
Section 7.08	Replacement of Trustee		74
Section 7.09	Successor Trustee by Merger		75
Section 7.10	Eligibility; Disqualification		75

ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE			75

Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance		75
Section 8.02	Legal Defeasance		75
Section 8.03	Covenant Defeasance		76
Section 8.04	Conditions to Legal or Covenant Defeasance		77
Section 8.05	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions		77
Section 8.06	Repayment to the Issuer		78
Section 8.07	Reinstatement		78


		Page

ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER			79

Section 9.01	Without Consent of Holders		79
Section 9.02	With Consent of Holders		79
Section 9.03	Revocation and Effect of Consents		81
Section 9.04	Notation on or Exchange of Notes		81
Section 9.05	Trustee to Sign Amendments, etc.		81

ARTICLE 10 NOTE GUARANTEES			81

Section 10.01	Guarantee		81
Section 10.02	Limitation on Subsidiary Guarantor Liability		83
Section 10.03	Execution and Delivery		83
Section 10.04	Subrogation		83
Section 10.05	Benefits Acknowledged		83
Section 10.06	Release of Note Guarantees		84

ARTICLE 11 SATISFACTION AND DISCHARGE			84

Section 11.01	Satisfaction and Discharge		84
Section 11.02	Application of Trust Money		85

ARTICLE 12 MISCELLANEOUS			85

Section 12.01	Notices		85
Section 12.02	Communication by Holders with Other Holders		87
Section 12.03	Certificate and Opinion as to Conditions Precedent		87
Section 12.04	Statements Required in Certificate or Opinion		87
Section 12.05	Rules by Trustee and Agents		88
Section 12.06	No Personal Liability of Directors, Officers, Employees, Members, Partners and Stockholders		88
Section 12.07	Governing Law		88
Section 12.08	Jurisdiction		88
Section 12.09	Waiver of Jury Trial		88
Section 12.10	No Adverse Interpretation of Other Agreements		88
Section 12.11	Successors		89
Section 12.12	Severability		89
Section 12.13	Counterpart Originals		89
Section 12.14	Table of Contents, Headings, etc.		89
Section 12.15	U.S.A. PATRIOT Act		89
Section 12.16	Payments Due on Non-Business Days		89


Appendix A		Provisions Relating to Initial Notes and Additional Notes
Exhibit A		Form of Note
Exhibit B		Form of Supplemental Indenture to Be Delivered by Future Guarantors



4.1		Indenture, dated as of February 25, 2020, by and among Forestar Group Inc., the subsidiary guarantors party thereto and U.S. Bank National Association, as trustee.


Term		Defined in Section
“Acceptable Commitment”		4.11(b)
“Agent Members”		2.1(c) of Appendix A
“Affiliate Transaction”		4.12(a)
“Aggregate Payments”		10.01(i)
“Applicable Procedures”		1.1(a) of Appendix A
“Asset Sale Offer”		4.11(c)
“Asset Sale Offer Amount”		3.09(b)
“Asset Sale Offer Period”		3.09(b)
“Asset Sale Purchase Date”		3.09(b)
“Authentication Order”		2.02(c)
“Automatic Exchange”		2.3(e) of Appendix A
“Automatic Exchange Date”		2.3(e) of Appendix A
“Automatic Exchange Notice”		2.3(e) of Appendix A
“Automatic Exchange Notice Date”		2.3(e) of Appendix A
“Change of Control Offer”		4.15(a)
“Change of Control Payment”		4.15(a)
“Change of Control Payment Date”		4.15(a)(2)
“Clearstream”		1.1(a) of Appendix A
“Code”		2.06
“Contributing Guarantors”		10.01(i)
“Covenant Defeasance”		8.03
“Covenant Suspension Event”		4.18(a)
“Covenant Suspension Event Notice”		4.18(a)
“Cumulative Buildup Basket”		4.08(a)
“Deemed Investment Amount”		4.17
“Definitive Notes Legend”		2.3(d)(i) of Appendix A
“Euroclear”		1.1(a) of Appendix A
“Event of Default”		6.01(a)
“Excess Proceeds”		4.11(c)
“Fair Share”		10.01(i)
“Fair Share Contribution Amount”		10.01(i)
“Financial Reports”		4.03(a)
“Funding Guarantor”		10.01(i)
“Global Note”		2.1(b) of Appendix A
“Global Notes Legend”		2.3(d)(i) of Appendix A
“Increased Amount”		4.13(c)
“Initial Default”		6.04
“Legal Defeasance”		8.02(a)
“Note Register”		2.03(a)
“OID Legend”		2.3(d)(i) of Appendix A
“Pari Passu Indebtedness”		4.11(b)
“Paying Agent”		2.03(a)
“Payment Default”		6.01(a)(5)
“Permitted Debt”		4.10(b)
“QIB”		1.1(a) of Appendix A
“Reference Date”		4.08(a)(iii)
“Registrar”		2.03(a)
“Regulation S”		1.1(a) of Appendix A
“Regulation S Global Note”		2.1(b) of Appendix A
“Regulation S Legend”		2.3(d)(i) of Appendix A
“Regulation S Notes”		2.1(a) of Appendix A
“Restricted Global Note”		2.3(e) of Appendix A
“Restricted Notes Legend”		2.3(d)(i) of Appendix A
“Reversion Date”		4.18(b)
“Rule 144”		1.1(a) of Appendix A
“Rule 144A”		1.1(a) of Appendix A


Term		Defined in Section
“Rule 144A Global Note”		2.1(b) of Appendix A
“Rule 144A Notes”		2.1(a) of Appendix A
“Second Commitment”		4.11(b)
“Surviving Person”		5.01(a)(1)
“Suspended Covenants”		4.18(a)
“Suspension Date”		4.18(a)
“Suspension Period”		4.18(b)
“Triggering Lien”		4.13(a)
“Unrestricted Global Note”		1.1(a) of Appendix A
“U.S. person”		1.1(a) of Appendix A


Year	Notes Redemption Percentage
2023		102.500	%
2024		101.667	%
2025		100.833	%
2026 and thereafter		100.000	%


FORESTAR GROUP INC.

By:		/s/ Daniel C. Bartok Name: Daniel C. Bartok Title: Chief Executive Officer

CL TEXAS I GP, L.L.C. FIRSTLAND INVESTMENT CORPORATION FMF DEVELOPMENT LLC FORESTAR REAL ESTATE GROUP INC. FORESTAR REALTY INC. FORESTAR (USA) REAL ESTATE GROUP INC. FORCO REAL ESTATE INC. SWR HOLDINGS LLC








By:		/s/ Daniel C. Bartok
		Name: Daniel C. Bartok Title: Chief Executive Officer

4S/RPG LAND COMPANY, L.P. CL/RPG LAND COMPANY, L.P. HICKORY HILL DEVELOPMENT, L.P.



By:		CL TEXAS I GP, L.L.C., as general partner

By:		/s/ Daniel C. Bartok Name: Daniel C. Bartok Title: Chief Executive Officer


U.S. BANK NATIONAL ASSOCIATION, as Trustee

By:		/s/ Michael K. Herberger Name: Michael K. Herberger Title: Vice President


Term:		Defined in Section:
“Agent Members”		2.1(c)
“Automatic Exchange”		2.3(e)
“Automatic Exchange Date”		2.3(e)
“Automatic Exchange Notice”		2.3(e)
“Automatic Exchange Notice Date”		2.3(e)
“Definitive Notes Legend”		2.3(d)
“Global Note”		2.1(b)
“Global Notes Legend”		2.3(d)
“OID Legend”		2.3(d)
“Regulation S Global Note”		2.1(b)
“Regulation S Legend”		2.3(d)
“Regulation S Notes”		2.1(a)
“Restricted Global Note”		2.3(e)
“Restricted Notes Legend”		2.3(d)
“Rule 144A Global Note”		2.1(b)
“Rule 144A Notes”		2.1(a)


U.S. BANK NATIONAL ASSOCIATION, as Trustee

By:
		Authorized Signatory


Your Signature:
		(Sign exactly as your name appears on the face of this Note)


CHECK ONE BOX BELOW

(1)	☐	to the Issuer; or

(2)	☐	to the Registrar for registration in the name of the Holder, without transfer; or

(3)	☐	pursuant to an effective registration statement under the Securities Act; or

(4)	☐	to a Person that the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (“Rule 144A”)) that purchases for its own account or for the account of a qualified institutional buyer and to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A; or

(5)	☐	outside the United States of America in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act; or

(6)	☐	pursuant to Rule 144 under the Securities Act or another available exemption from registration under the Securities Act.


No. [A-__] [S-__]		[Up to]¹ [$ ]


☐ Section 4.11		☐ Section 4.15
(Asset Sale Offer)		(Change of Control Offer)


Date of Exchange		Amount of decrease in Principal Amount		Amount of increase in Principal Amount of this Global Note		Principal Amount of this Global Note following such decrease or increase		Signature of authorized signatory of Trustee or Custodian


[NAME OF GUARANTEEING SUBSIDIARY]

By:
		Name:
		Title:

FORESTAR GROUP INC.

By:
		Name:
		Title:

U.S. BANK NATIONAL ASSOCIATION, as Trustee

By:
		Name:
		Title: