Store Capital to repay revolver debt with new senior note proceeds

By Tali Rackner

Minneapolis, March 8 – Store Capital Corp. plans to repay outstanding debt under its unsecured revolving credit facility using the net proceeds from a new senior note offering, according to 424B5 filing with the Securities and Exchange Commission.

As of Dec. 31, there was $290 million outstanding under the revolver, which bears interest at Libor plus 82.5 basis points to 155 bps.

The revolver has a current maximum availability of $600 million with an accordion feature that allows the facility to increase to a total of $1.4 billion.

The facility matures in February 2022 and has two six-month extension options.

Proceeds will also be used for working capital and other general corporate purposes.

Store Capital is a real estate investment trust based in Scottsdale, Ariz.

© 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.