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S&P keeps Sprint Realty on watch
Standard & Poor's said its B corporate credit rating on Spirit Realty Capital Inc. remains on CreditWatch, where it was placed with positive implications on Jan. 28, 2013.
The company closed its merger with Cole Credit Property Trust II on July 17. In conjunction with the 100% stock merger transaction, Spirit also entered in a new three-year $400 million revolving credit facility (to replace an existing $100 million revolving credit facility) and issued $203 million in 10-year fixed-rate commercial mortgage backed securities (CMBS).
Spirit used borrowings under the new revolving credit facility and the CMBS debt to pay down Cole Credit Property's $324 million balance on its now-terminated revolving credit facility.
Post-merger, Spirit is the second-largest publicly traded triple-net-lease REIT in the U.S. with a pro forma enterprise value of about $6.9 billion.
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