Essential Properties Realty Trust, Inc. Announces New $430 Million Seven-Year Unsecured Term Loan & Voluntary Prepayment of S...
26 Novembro 2019 - 6:37PM
Business Wire
Essential Properties Realty Trust, Inc. (NYSE: EPRT; “Essential
Properties” or the “Company”), announced today that the Company has
closed a new $430 million seven-year unsecured term loan facility.
The term loan will mature in November 2026 and has an accordion
feature to increase the facility’s availability, subject to certain
conditions, up to an aggregate of $500 million. Concurrent with the
closing of this transaction, the Company also amended its existing
$600 million unsecured credit facility.
Additionally, the Company voluntarily prepaid $70.4 million of
its Series 2016-1 ABS Notes at par plus accrued interest and
cancelled the $200 million of Class A Series 2016-1 ABS Notes that
the Company purchased in May.
“The new seven-year term loan facility underscores our ready
access to capital and the breadth and commitment of our capital
partners,” said Hillary Hai, Chief Financial Officer of Essential
Properties. “The redemption and cancellation of our Series 2016-1
ABS Notes will increase our unencumbered asset base, and the
unsecured term loan will extend our weighted average debt maturity,
which, in combination with our newly assigned investment grade
credit rating, bring us closer to our long-term goal of becoming an
unsecured issuer of investment grade rated bonds.”
The interest rate on the seven-year unsecured term loan is based
on a pricing grid with a range of 150 to 220 basis points over
LIBOR, determined by the Company’s leverage ratio. At the Company’s
current leverage ratio, the interest rate on any borrowings under
the term loan would be approximately 3.203%. The term loan has a
delayed funding feature, which allows the Company to borrow the
funds when needed on or prior to May 26, 2020. The Company
currently has no amounts drawn on the term loan.
A total of eight lenders participated in the seven-year
unsecured term loan, including Capital One, National Association as
a Joint Bookrunner and Administrative Agent. SunTrust Robinson
Humphrey, Inc. and Mizuho Bank LTD. served as Joint Bookrunners and
Co-Syndication Agents. Chemical Bank, a Division of TCF National
Bank, served as Documentation Agent. United Bank, First Horizon
Bank, Stifel Bank & Trust, and Associated Bank, National
Association served as additional lenders.
About Essential Properties Realty Trust, Inc.
Essential Properties Realty Trust, Inc. is an internally managed
REIT that acquires, owns and manages primarily single-tenant
properties that are net leased on a long-term basis to companies
operating service-oriented or experience-based businesses. As of
September 30, 2019, the Company’s portfolio consisted of 917
freestanding net lease properties with a weighted average lease
term of 14.4 years and a weighted average rent coverage ratio of
2.9x. As of the same date, the Company’s portfolio was 100.0%
leased to 199 tenants operating 233 different concepts in 16
industries across 45 states.
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version on businesswire.com: https://www.businesswire.com/news/home/20191126005850/en/
Investor/Media: Essential Properties Realty Trust, Inc.
Daniel Donlan Senior Vice President, Capital Markets 609-436-0619
info@essentialproperties.com
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