Spirit Realty gets $325 million term loan priced at Libor plus 145 bps

By Marisa Wong

Morgantown, W.Va., Nov. 3 – Spirit Realty Capital, Inc. said it has obtained a $325 million senior unsecured term loan.

An accordion feature permits a maximum increase up to $600 million, according to a press release.

The loan matures on Nov. 2, 2018 but includes two one-year extension options, subject to an extension fee.

The facility is initially priced at Libor plus 145 basis points.

“The new term loan facility is an important step toward our goal of creating a more flexible balance sheet with continued access to unsecured debt capital, and more importantly, increasing the size of our unencumbered asset base. The revolving commitment and accordion features will enable us to address our near term debt maturities opportunistically,” Phillip D. Joseph Jr., executive vice president and chief financial officer, said in the press release.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC and SunTrust Robinson Humphrey, Inc. were joint lead arrangers for the facility.

The real estate investment trust is based in Scottsdale, Ariz.

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