| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers F > Headlines for Four Corners Property Trust, Inc. > News item |
Four Corners restates revolver, term loan agreement for $680 million
By Wendy Van Sickle
Columbus, Ohio, Oct. 25 – Four Corners Property Trust, Inc. entered into a third amended and restated revolving credit and term loan agreement with JPMorgan Chase Bank, NA as administrative agent, according to a press release.
The overall size of the facility was increased by $30 million to $680 million, comprising a $250 million revolver maturing in 2025, a $150 million term loan maturing in 2025, a $100 million loan maturing in 2026, a new $90 million term loan maturing in 2027 and a new $90 million term loan maturing in 2028.
The $430 million of term loans will be fully drawn at close and provide $30 million of incremental proceeds to fund investments and other general corporate purposes.
Four Corners repaid $150 million of loans maturing in 2023 and 2024.
The amendment converts the interest benchmark to SOFR from Libor.
The margin above SOFR is based on credit ratings. Based on Four Corners current investment-grade ratings of BBB/Baa3, term loans bear interest at an adjusted SOFR rate plus 95 basis points to 100 bps, depending on the tranche.
Four Corners has entered into interest rate swaps to hedge portions of the term loans.
The revolver currently bears interest at adjusted SOFR plus 105 bps.
JPMorgan Chase Bank, NA and BofA Securities, Inc are the joint bookrunners and lead arrangers on the new 2027 and 2028 term loans. Other joint lead arrangers are Huntington National Bank, Mizuho Bank Ltd., Truist Bank and Fifth Third Bank, NA.
Based in in Mill Valley, Calif., Four Corners is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.