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Store Capital plans to repay revolver debt using new note proceeds
By Susanna Moon
Chicago, Feb. 25 – Store Capital Corp. plans to repay debt under its unsecured revolving credit facility due February 2022 using proceeds of new senior notes due 2029, according to a 424B5 filing with the Securities and Exchange Commission.
The revolver has a current maximum availability of $600 million and includes an accordion that allows the facility to be increased up to $1.4 billion.
As of Dec. 31, there was $135 million outstanding under the revolver.
Interest is Libor plus 82.5 basis points to 155 bps, based on the company’s credit rating.
Proceeds will also be used to fund property acquisitions, for working capital and for other general corporate purposes.
Store Capital is a real estate investment trust based in Scottsdale, Ariz.
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