NNN REIT ups credit facility to $1.2 billion; facility matures 2028

By Wendy Van Sickle

Columbus, Ohio, April 16 – NNN REIT, Inc. amended its unsecured bank credit facility to increase the available borrowing capacity to $1.2 billion from $1.1 billion, according to a news release.

The amended facility matures April 2028, with options to extend maturity to April 2029. All other material loan provisions, including pricing, are unchanged.

The amended facility also includes an accordion feature to increase the facility size up to $2 billion.

Wells Fargo Bank, NA and Bank of America, NA served as the joint lead arrangers and joint bookrunners on the credit facility with Wells Fargo Bank acting as the administrative agent and Bank of America acting as the syndication agent.

Joint lead arrangers and documentation agents were PNC Bank, NA, Royal Bank of Canada, TD Bank, NA, Truist Bank and U.S. Bank NA. Senior managing agents were Morgan Stanley Bank, NA, Mizuho Bank, Ltd. and Sumitomo Mitsui Banking Corp.

“The expanded facility gives us significant financial flexibility and enhances our ability to take advantage of acquisition opportunities which helps us perpetuate NNN's track record of 34 consecutive annual dividend increases,” Kevin B. Habicht, executive vice president and chief financial officer of NNN, said in the release.

NNN is an Orlando, Fla.-based real estate investment trust.

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