Four Corners draws down $60 million on credit facility

By Sarah Lizee

Olympia, Wash., March 31 – Four Corners Property Trust, Inc. drew down an incremental $60 million on its credit facility to retain as a cash reserve, according to a press release.

The draw was made in the first quarter “out of an abundance of caution,” the company said.

The company said it plans to reduce amounts outstanding under the facility using proceeds from the sale of its $125 million of senior notes in a private placement.

Based in in Mill Valley, Calif., Four Corners is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties.

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