Spirit Realty gets new two-year $200 million term loan

By Wendy Van Sickle

Columbus, Ohio, April 6 – Spirit Realty Capital, Inc. closed on a new $200 million unsecured term loan facility due April 2, 2022, according to a news release.

There is an accordion feature allowing the company to increase the available term loans up to a total of $400 million.

Borrowings bear interest at Libor plus 150 basis points, based on the company’s current credit rating.

“This financing increases our available liquidity, including cash and revolving credit capacity, to approximately $700 million,” Jackson Hsieh, president and chief executive officer of Spirit Realty, said in the release. “This transaction also demonstrates Spirit’s ability to raise attractively priced capital in a challenging environment. We believe Spirit’s robust liquidity and low levered balance sheet will allow the company to respond to the Covid-19 pandemic from a position of flexibility and strength.”

The borrower is a Dallas-based real estate investment trust.

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