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Netstreit signs $250 million three-year delayed-draw term loan
By Wendy Van Sickle
Columbus, Ohio, July 6 – Netstreit Corp. closed a $250 million three-year sustainability-linked senior unsecured term loan facility with a 12-month delayed-draw feature, according to a press release on Thursday.
The term loan initially matures in July 2026 and has two one-year extension options. An accordion feature allows the company to request up to $150 million of additional commitments.
At close on July 3, the initial amount drawn was $150 million, and the company has hedged the entire $250 million at an all-in fixed interest rate of 4.99% through January 2029, which consists of a fixed-rate SOFR swap of 3.74%, plus a credit spread adjustment of 10 basis points and, at current leverage levels, a borrowing spread of 115 bps.
The loan contains sustainability-linked pricing terms under which the company will receive pricing adjustments based on its performance against a sustainability target focused on the portion of its annualized based rent attributable to tenants with commitments or quantifiable targets for reducing greenhouse gas emissions.
Truist Securities and PNC Capital Markets LLC acted as joint bookrunners and joint lead arrangers. Capital One, NA, Mizuho Bank, Ltd. and Bank of Nova Scotia served as joint lead arrangers and co-documentation agents.
PNC Capital Markets LLC acted as sustainability structuring agent.
The company announced in June the extension of its existing $175 million term loan to January 2026.
Netstreit is an internally managed real estate investment trust based in Dallas, specializing in acquiring single-tenant net lease retail properties.
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