Spirit Realty restates for $1.2 billion revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, March 30 – Spirit Realty Capital, Inc. subsidiary Spirit Realty, LP amended and restated its unsecured credit agreement on Wednesday to provide for a $1.2 billion multicurrency revolver with a maturity date of March 31, 2026, according to an 8-K filing with the Securities and Exchange Commission.

The revolver has two six-month extension options and an accordion feature that allows it to be increased to $1.5 billion. There is a $25 million sublimit for letters of credit.

Revolver borrowings will bear interest at a term or reference rate benchmark plus a margin ranging from 72.5 basis points to 140 bps depending on the operating partnership’s credit rating.

The facility fee will range from 12.5 bps to 30 bps.

Borrowings may be drawn in dollars, sterling, euros and Canadian dollars.

Financial covenants include a maximum total debt to total asset value ratio not to exceed 0.6 to 1; a maximum adjusted EBITDA to fixed charges ratio not less than 1.5 to 1; a maximum secured debt to total asset value ratio not to exceed 0.4 to 1; a ratio of unencumbered net operating income to unsecured interest expense not less than 1.75 to 1; and a maximum unsecured debt to unencumbered asset value ratio not to exceed 0.6 to 1.

JPMorgan Chase Bank, NA is administrative agent and a joint bookrunner and joint lead arranger along with Wells Fargo Securities, LLC and Truist Securities, Inc.

Additional joint lead arrangers are BofA Securities, Inc., Goldman Sachs Bank USA, Mizuho Bank, Ltd., Morgan Stanley Senior Funding, Inc., Regions Capital Markets and Royal Bank of Canada.

Wells Fargo Bank, NA and Truist Bank are the syndication agents.

Bank of America, Goldman Sachs Bank USA, Mizuho, Morgan Stanley, Regions and Royal Bank of Canada are the co-documentation agents.

Associated Bank, NA, Bank of Nova Scotia, Capital One, NA, Fifth Third Bank, NA, Huntington National Bank and TD Bank, NA are the managing agents.

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

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