Getty Realty amends agreements, caps borrowing limit at $2 million

By Tali David

Minneapolis, July 15 - Getty Realty Corp. entered into an amendment to its senior secured revolving credit agreement on July 9 and an amendment to its senior secured long-term loan agreement, according to an 8-K filed with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA led the banks on the revolver, and Prudential Insurance Co. of America led the long-term loan.

Under the terms of the amendments, the company's interest rate under the credit agreement and Prudential loan agreement increased by 50 basis points; the total amount available to the company for additional borrowings under the credit agreement is capped at $2 million; and the company is not permitted to acquire any properties for a purchase price that equals or exceeds $20 million, individually or in the aggregate, without prior written consent from JPMorgan and Prudential.

The company sought the agreements with the JPMorgan and Prudential as a result of the non-performance by NECG Holdings Corp. under its unitary lease with the company, and additional borrowings outstanding related to its previously announced accretive acquisition of 36 properties in the metro New York and Washington, D.C. area in May.

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

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