Agree Realty gets $85 million revolver due 2014 at Libor plus 185 bps

By Angela McDaniels

Tacoma, Wash., Oct. 26 - Agree Realty Corp. entered into a new $85 million revolving credit facility due Oct. 26, 2014, according to a company news release.

The revolver has a $50 million accordion feature, and the company has two one-year options to extend the maturity.

The interest rate is Libor plus 175 basis points to 260 bps. Based on its current leverage ratio, the company expects the initial margin to be 185 bps.

Bank of America, NA is the administrative agent. Bank of America Merrill Lynch and PNC Capital Markets LLC are the joint lead arrangers and bookrunners. Also participating are Bank of Montreal and U.S. Bank NA.

The new revolver replaces the company's former $55 million credit facility.

"This new and expanded arrangement will provide the company with increased capacity to fund our growing acquisitions and development activities," Joey Agree, president and chief operating officer, said in the release.

Agree Realty is a real estate investment trust focused on the acquisition and development of single-tenant properties net leased to retailers. It is based in Farmington Hills, Mich.

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