Four Corners to reduce credit facility debt via note offering proceeds

By Tali Rackner

Minneapolis, April 20 – Four Corners Property Trust, Inc. plans to reduce amounts outstanding under its unsecured credit facility using the net proceeds from a new $125 million note offering, according to a press release.

Proceeds will also be used to fund any future acquisitions and for general corporate purposes.

The new senior unsecured fixed-rate notes consist of $50 million of 4.68% seven-year notes and $75 million of 4.93% 10-year notes, resulting in a weighted average maturity of 8.8 years and a weighted average fixed-interest rate of 4.83%.

Closing and funding of the notes is expected to occur on June 7.

Four Corners is a Mill Valley, Calif.-based company that acquires and leases restaurant locations.

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