Agree Realty lowers pricing on $100 million of unsecured term loans

By Sarah Lizee

Olympia, Wash., Dec. 18 – Agree Realty Corp. entered into a pricing amendment on Monday in connection with its $65 million and $35 million unsecured term loans due Jan. 15, 2024, according to an 8-K filing with the Securities and Exchange Commission.

The amendment provides a new pricing grid over Libor, determined by the company’s credit rating. The margin ranges from 85 basis points to 165 bps.

As a result of the amendment, the interest rate will be reduced to a fixed rate of 3.13%, from a previous fixed rate of 3.78%.

PNC Capital Markets LLC, Capital One, NA, Regions Capital Markets, SunTrust Robinson Humphrey, Inc. and U.S. Bank NA are joint lead arrangers and joint book managers. PNC is the administrative agent and Capital One, Regions Bank, SunTrust Bank and U.S. Bank are co-syndication agents. Raymond James Bank, NA and Stifel Bank & Trust are participating lenders.

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

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