Essential Properties draws full term loan, enters interest rate swap

By Marisa Wong

Morgantown, W.Va., May 17 – Essential Properties Realty Trust, Inc. said it fully funded on May 14 its previously announced $200 million five-year senior unsecured term loan.

The company also entered into a $200 million swap transaction on May 15 to fix Libor for five years at a rate of 2.063%, according to a press release. Based on the company’s current leverage ratio, the all-in interest rate for the term loan is 3.263%.

As announced in April, Essential Properties closed an amended and restated $600 million senior unsecured credit facility, which also includes a $400 million revolver.

The term loan generally bears interest at Libor plus a margin ranging from 120 basis points to 175 bps based on the company’s leverage ratio.

Princeton, N.J.-based Essential Properties acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to companies operating service-oriented or experience-based businesses.

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