Store Capital fully draws $600 million revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, March 31 – Store Capital Corp. has fully drawn its $600 million revolving credit facility in a mostly precautionary measure to increase its cash position and preserve financial flexibility in light of the Covid-19 pandemic, according to an 8-K filing with the Securities and Exchange Commission.

The company gave notice to draw the final $450 million under the revolver on March 26 as a result of uncertainty surrounding the coronavirus.

Store Capital had previously drawn $150 million from the beginning of the year through March 16 to fund acquisitions of properties in the ordinary course of business and to increase its cash position in light of the pandemic.

Based on Store’s current debt ratings, borrowings bear interest at Libor plus 100 basis points, for a total of 1.92% as of March 26.

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.