Agree Realty to sign $350 million term loan due 2029

By William Gullotti

Buffalo, N.Y., June 28 – Agree Realty Corp. received commitments for an unsecured $350 million 5.5-year term loan with PNC Bank, NA as administrative agent, according to a press release on Wednesday.

The agreement includes a 12-month delayed-draw feature and a $150 million accordion feature.

In anticipation of the new term loan, which is expected to close in July, the company entered into $350 million of forward starting swaps to fix SOFR over the life of the loan. The expected interest rate on the loan will be fixed at 4.52%, based on the company’s current credit rating.

“The term loan fits well into our debt maturity schedule, and upon closing we will have no material debt maturities until 2028,” added Peter Coughenour, Agree Realty’s chief financial officer, in the release.

PNC Capital Markets LLC, Citibank, NA, Wells Fargo Securities, LLC and J.P. Morgan Securities LLC are the joint lead arrangers.

Agree Realty is a real estate investment trust located in Bloomfield Hills, Mich.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.