Getty Realty Corp. Announces New $150 Million Unsecured Term Loan
October 18 2023 - 8:00AM
Business Wire
Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”)
announced today that the Company entered into a new senior
unsecured term loan (the “Term Loan”) with a group of existing
lenders in an aggregate principal amount of $150 million. The Term
Loan matures October 17, 2025 with one twelve-month extension
exercisable at the Company's option, subject to certain
conditions.
The Term Loan is comprised of (i) an initial principal amount of
$75 million that was funded at closing and used to repay amounts
outstanding under the Company’s revolving credit facility, and (ii)
an additional principal amount of $75 million that can be funded in
a single draw at the Company’s option any time on or prior to the
180th day following the closing date.
In connection with the Term Loan, the Company entered into $150
million of interest rate swaps to fix SOFR at 4.73% until maturity.
Including the impact of the swaps, the effective interest rate on
the Term Loan is 6.13% based on the Company's consolidated total
indebtedness to total asset value ratio as of September 30,
2023.
"We are pleased to enhance our capital position with this new
term loan, and appreciate the continued support and confidence from
our lending relationships,” said Brian Dickman, Getty’s Chief
Financial Officer. “This financing provides us with additional
liquidity to fund our investment pipeline, while maintaining
balance sheet flexibility as our platform continues to scale and
the capital markets stabilize.”
The Company entered into the Term Loan with Bank of America,
N.A., as administrative agent, and BofA Securities, Inc., J.P.
Morgan Chase Bank, N.A., TD Bank, N.A., and Capital One, N.A. as
joint lead arrangers.
About Getty Realty Corp.
Getty Realty Corp. is a publicly traded, net lease REIT
specializing in the acquisition, financing and development of
convenience, automotive and other single tenant retail real estate.
As of June 30, 2023, the Company’s portfolio included 1,053
freestanding properties located in 39 states across the United
States and Washington, D.C.
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version on businesswire.com: https://www.businesswire.com/news/home/20231018301086/en/
Brian Dickman Chief Financial Officer (646) 349-6000
Investor Relations (646) 349-0598 ir@gettyrealty.com
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