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Getty Realty gets $225 million revolving facility, term loan
By Marisa Wong
Madison, Wis., June 8 – Getty Realty Corp. entered into a $225 million senior unsecured credit agreement with a group of banks led by Bank of America, NA on June 2, according to an 8-K filing with the Securities and Exchange Commission.
The credit agreement consists of a $175 million revolving facility scheduled to mature in June 2018 and a $50 million term loan set to mature in June 2020.
The company has the option to extend the term of the revolver for one additional year to June 2019 and increase the amount of the revolver by $75 million to a total of $250 million.
Revolver borrowings bear interest at Libor plus a margin of 195 basis points to 325 bps, based on the company’s net debt to EBITDA ratio at the end of each quarterly reporting period.
The annual commitment fee on undrawn funds under the revolver is 25 bps to 30 bps, also based the net debt to EBITDA ratio.
The term loan bears interest at Libor plus a margin of 190 bps to 320 bps, based on the company’s net debt to EBITDA ratio at the end of each quarterly reporting period.
The credit agreement does not have scheduled reductions in the principal balance prior to its maturity.
The agreement contains some financial covenants such as availability, leverage and coverage ratios and minimum tangible net worth, as well as limitations on restricted payments.
The company used proceeds from the new credit facility to repay all amounts outstanding under its $175 million senior secured revolving credit agreement with a group of commercial banks led by JPMorgan Chase Bank, NA, which was set to mature on Aug. 25, 2015.
The prior credit agreement was terminated on June 2.
Getty is a real estate investment trust based in Jericho, N.Y.
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