Spirit Realty amends method of determining interest rate, covenants

By Marisa Wong

Morgantown, W.Va., Nov. 6 – Spirit Realty, LP, the operating partnership of Spirit Realty Capital, Inc., entered into a first amendment to its credit agreement dated March 31, 2015 with Wells Fargo Bank, NA as administrative agent on Nov. 3, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, among other things, revises the methodology for calculating the applicable margin, revises some financial covenants and related definitions and increases some default thresholds.

At closing of the amendment, all of the original subsidiary guarantors of Spirit Realty’s obligations under the credit agreement were released from their obligations. Spirit Realty Capital continues to be a guarantor.

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

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