Getty Realty amends, extends $175 million revolver, $25 million loan

By Susanna Moon

Chicago, March 12 - Getty Realty Corp. amended $100 million of loan agreements on Friday, pushing out the maturity until March 2013.

The company amended its $175 million revolving credit facility with JPMorgan Chase Bank, NA as administrative agent and its $25 million term loan with TD Bank, NA, according to a company press release.

The amendment of the credit agreement provides for first mortgage security on some of the company's properties and is priced at Libor plus 300 basis points.

At closing there were total borrowings of $175 million under the agreement and term loan.

"The extension provides Getty with financial flexibility as it begins to execute on its strategy of re-positioning the Getty Marketing assets to stabilize cash flow," David Driscoll, the company's president and chief executive officer, said in the release.

"Given the tumultuous events the past six months, we view the securing of these agreements as a vote of confidence from our lenders about underlying value of our portfolio and our management strategy."

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

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