Getty Realty closes $150 million two-year two-part term loan

By Marisa Wong

Los Angeles, Oct. 18 – Getty Realty Corp. entered into a new senior unsecured term loan with a group of existing lenders in an aggregate principal amount of $150 million, according to a press release.

The term loan matures Oct. 17, 2025 with one 12-month extension exercisable at the company’s option, subject to some conditions.

The term loan is comprised of an initial principal amount of $75 million that was funded at closing and used to repay amounts outstanding under the company’s revolving credit facility and an additional principal amount of $75 million that can be funded in a single draw at the company’s option any time on or prior to the 180th day following the closing date.

In connection with the term loan, the company entered into $150 million of interest rate swaps to fix SOFR at 4.73% until maturity. Including the impact of the swaps, the effective interest rate on the term loan is 6.13% based on the company’s consolidated total debt to total asset value ratio as of Sept. 30.

“This financing provides us with additional liquidity to fund our investment pipeline, while maintaining balance sheet flexibility as our platform continues to scale and the capital markets stabilize,” Brian Dickman, Getty’s chief financial officer, said in the release.

The company entered into the term loan with Bank of America, NA as administrative agent and BofA Securities, Inc., J.P. Morgan Chase Bank, NA, TD Bank, NA and Capital One, NA as joint lead arrangers.

Getty Realty is a New York-based real estate investment trust specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate.

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