Getty Realty restates agreement to extend maturities, lift revolver

By Tali Rackner

Minneapolis, March 26 – Getty Realty Corp. amended and restated its senior unsecured credit agreement to increase the borrowing capacity under its unsecured revolving facility to $250 million from $175 million, according to a Monday press release.

The unsecured term loan remains at $50 million.

The restated credit agreement also extends the revolver’s maturity date to March 2022 from June 2018, with a one-year extension option, and the term loan to March 2023 from June 2020.

In addition, the company reduced the interest rates for borrowings under both the revolver and term loan.

The revolver now bears interest at Libor plus 150 basis points to 230 bps, based on Getty Realty’s consolidated total debt to total asset value ratio.

Interest on the term loan is equal to Libor plus 145 bps to 225 bps, also based the consolidated total debt to total asset value ratio.

Bank of America, NA is the administrative agent on the facility. Merrill Lynch, Pierce, Fenner & Smith Inc., JPMorgan Chase Bank, NA, KeyBanc Capital Markets LLC and RBC Capital Markets LLC are joint lead arrangers and bookrunners.

As part of the transaction, Getty Realty entered into an amendment to its existing senior unsecured note purchase agreement with Prudential Insurance Co. of America “in order to conform the provisions therein relating to financial covenants to the corresponding provisions in the restated credit agreement,” the release said.

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

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