Agree Realty amends interest rate on $40 million term loan due 2023

By Sarah Lizee

Olympia, Wash., Nov. 6 – Agree Realty Corp. said that on Nov. 2 it entered into a pricing amendment in connection with its $40 million unsecured term loan due July 1, 2023.

The amendment provides a new pricing grid over Libor, determined by the company’s credit rating, according to a press release.

As a result of the amendment, the company anticipates the interest rate on the term loan will be reduced to a fixed rate of 2.4% from a previous fixed rate of 3.05%.

Agree had previously fixed Libor for the entire period of the term loan.

The term loan is led by Capital One, NA, which acts as the administrative agent. Raymond James Bank, NA also participated in the term loan.

Agree is a real estate investment trust located in Farmington Hills, Mich.

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