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Agree Realty to upsize revolver to $250 million, extend term loans
By Wendy Van Sickle
Columbus, Ohio, Nov. 10 – Agree Realty Corp. entered an agreement in principle to amend and restate its credit agreement to provide for an increased $250 million revolving credit facility and extensions of its existing $65 million and $35 million term loans, according to an 8-K filing with the Securities and Exchange Commission.
The revolver will mature in January 2021 with options to extend it by up to one year, and the term loans will mature in January 2024.
Revolver borrowings will be priced initially at Libor plus a margin of 130 basis points, with the margin ranging from 130 bps to 195 bps, depending on the leverage ratio.
Interest for term loan borrowings is set to range from Libor plus 165 bps to 235 bps with Libor fixed at about 2.13% under existing interest rate swaps. At Agree’s current leverage ratio, the term interest rate would be about 3.78%.
The credit facility may be increased up to a total of $500 million.
The company expects to close the amended facility on Dec. 15.
PNC Capital Markets LLC, Citigroup Global Markets Inc. and Wells Fargo Securities, LLC will serve as joint lead arrangers and joint lead bookrunners for the revolver. Citigroup Global Markets Inc. and Wells Fargo Securities, LLC will serve as co-syndication agents.
PNC Capital Markets LLC, Capital One, NA, Regions Capital Markets, SunTrust Robinson Humphrey, Inc. and U.S. Bank NA will serve as joint lead arrangers and joint lead bookrunners for the unsecured term loans. Capital One, NA, Regions Bank, SunTrust Bank and U.S. Bank NA will serve as co-syndication agents.
PNC Bank NA will serve as the administrative agent for the revolver and term loans.
Agree is a real estate investment trust located in Farmington Hills, Mich.
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