DALLAS–(BUSINESS WIRE)–Spirit Realty Capital, Inc. (NYSE: SRC) (“Spirit” or the “Company”), a net-lease real estate investment trust (“REIT”) that invests in single-tenant, operationally essential real estate, today announced that the Company has closed on a new, unsecured term loan facility for an aggregate amount of $500.0 million maturing on June 16, 2025, which allows funds to be drawn up to July 2, 2023. The facility also includes an accordion feature to increase the available term loan in the aggregate amount of $100.0 million (such that the term loan shall not exceed $600.0 million), subject to obtaining lender commitments and the satisfaction of certain customary conditions. Borrowing rates under the term loan are variable and subject to a ratings-based pricing grid, currently calculated as one-month Adjusted SOFR plus a 95 basis point spread based on the Company’s credit rating.
A total of thirteen lenders participated in the term loan facility, including JPMorgan Chase Bank, N.A. as a Joint Bookrunner, Joint Lead Arranger and Administrative Agent. BofA Securities, Inc., Capital One, National Association, Fifth Third Bank, National Association, Mizuho Bank, Ltd., Royal Bank of Canada, TD Bank N.A., The Bank of Nova Scotia, Truist Securities, Inc. and Wells Fargo Securities, LLC served as Joint Bookrunners and Joint Lead Arrangers. Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc. and The Huntington National Bank served as…
