Agree Realty to pay down credit facility with stock offering proceeds

By Marisa Wong

Madison, Wis., Jan. 14 - Agree Realty Corp. plans to reduce amounts outstanding under its credit facility using proceeds from an upcoming public offering common stock, according to a 424B5 filing with the Securities and Exchange Commission.

As of Jan. 14, the principal amount outstanding under the credit facility was $48.1 million with a weighted average interest rate of 2.16%. The credit facility matures on Oct. 26, 2015, subject to two one-year extension options.

An affiliate of BMO Capital Markets Corp. is a lender under the $85 million credit facility.

Borrowings under the facility were used to repay other outstanding debt, to fund development activity and property acquisitions and for working capital and other general corporate purposes.

Proceeds from the stock offering will also be used for development activity and property acquisitions and for general corporate purposes.

The real estate investment trust is based in Farmington Hills, Mich.

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