- Spirit Realty Capital ( NYSE: SRC ) said Monday it closed on a new $800M unsecured term loan facility .
- The facility comprises of a $300M three-year tranche with a maturity date of Aug. 22, 2025 and a $500M five-year tranche with a maturity date of Aug. 20, 2027.
- The facility also includes an accordion feature to increase available term loans in the aggregate amount of $200M.
- Borrowing rates under the new term loans are variable and subject to a leverage-based pricing grid, currently calculated as one-month adj. SOFR plus an 85 bps spread based on SRC's credit rating.
- In anticipation of closing the term loan, SRC previously entered into interest swap deals, effectively fixing interest rate at 3.45% for 2027 maturity and 3.59% for 2025 maturity, resulting in a weighted average interest rate of 3.5% for the $800M facility.
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Spirit Realty Capital announces $800M term loan facility