Getty enters $175 million secured facility, $100 million term loan

By Marisa Wong

Madison, Wis., Feb. 28 - Getty Realty Corp. entered into a $175 million senior secured credit agreement with a group of banks led by JPMorgan Chase Bank, NA on Feb. 25, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The senior secured facility is scheduled to mature in August 2015 but has a one-year extension option.

The credit agreement allocates $25 million of the total bank syndicate commitment to a term loan and $150 million to a revolving facility that may be increased by $50 million to $200 million.

Interest is equal to Libor plus a margin of 250 basis points to 200 bps, depending on the company's leverage at the end of each quarterly reporting period.

The annual commitment fee on undrawn funds ranges from 30 bps to 40 bps, also based on leverage.

On Feb. 25, the company also entered into a $100 million senior secured long-term loan agreement with Prudential Insurance Co. of America.

The Prudential loan matures in February 2021 and bears interest at 6%.

According to filing, the company used cash on hand and proceeds from the senior secured facility and the Prudential loan to repay all amounts outstanding under its $175 million amended and restated senior secured revolving credit agreement scheduled to mature on March 9, 2013 and its $25 million amended term loan agreement with TD Bank scheduled to mature on March 31, 2013. The two prior facilities were terminated on Monday.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.