Getty Realty extends $300 million revolver to 2025, reduces pricing

By Wendy Van Sickle

Columbus, Ohio, Oct. 27 – Getty Realty Corp. amended and restated its $300 million revolving credit agreement, extending the maturity to October 2025 from March 2022, according to a news release.

There are two six-month extension options.

The interest rate was reduced by 20 basis points to 50 bps, depending on Getty Realty’s consolidated total indebtedness to total asset value ratio.

Further, some covenant provisions were amended to adhere to those generally applicable to investment-grade rated REITs.

An accordion feature provides for up to an additional $300 million of revolving or term loans.

Bank of America, NA is administrative agent, and BofA Securities, Inc., J.P. Morgan Chase Bank, NA and KeyBanc Capital Markets are joint lead arrangers.

As part of this transaction, Getty Realty also entered into amendments to its existing senior note purchase agreements to conform the financial covenant provisions to those in the credit agreement.

Getty is a real estate investment trust based in Jericho, N.Y.

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