Spirit Realty gets $500 million term loan at SOFR plus 95 bps

By Wendy Van Sickle

Columbus, Ohio, Nov. 17 – Spirit Realty Capital, Inc. closed on a new $500 million unsecured term loan facility maturing on June 16, 2025, which allows funds to be drawn up to July 2, 2023, according to a news release.

The facility also includes an accordion feature to increase the available term loan in a total amount of $100 million, subject to lender commitments and the satisfaction of some conditions.

Borrowing currently bear interest at one-month adjusted SOFR plus 95 basis points, with the spread to vary based on the company’s credit rating.

JPMorgan Chase Bank, NA is the administrative agent and a joint bookrunner and lead arranger with BofA Securities, Inc., Capital One, NA, Fifth Third Bank, NA, Mizuho Bank, Ltd., Royal Bank of Canada, TD Bank NA, Bank of Nova Scotia, Truist Securities, Inc. and Wells Fargo Securities, LLC.

Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc. and Huntington National Bank are managing agents.

“This new facility provides us with significant debt capacity to pursue attractive acquisition opportunities, allows us to be patient in determining when to access the unsecured bond markets and further demonstrates the strength of our banking relationships,” Michael Hughes, chief financial officer of Spirit, said in the release.

The real estate investment trust is based in Dallas.

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