Four Corners amends loan to add $85 million term loan A-5

Chicago, March 14 – Four Corners Property Trust, Inc. entered into a waiver and incremental amendment on March 14 to add an $85 million term loan A-5 facility to its credit agreement with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The incremental loan matures March 14, 2027, with potential one-year extensions subject to the satisfaction of certain conditions including a 15 basis points extension fee on the then-outstanding principal amount.

Interest will be at SOFR plus 80 bps to 160 bps, plus 10 bps CSA. The margin is based on ratings.

There is a $265 million accordion in the amendment, for either revolving or term loans.

Proceeds are being used to pay down $50 million of notes maturing in June 2024, as well as for acquisitions and general corporate purposes.

The company entered into interest rate swaps through the maturity date for an effective interest rate on the term loan of 4.89%.

Barclays was the syndication agent and joint lead arranger.

Additional lenders acting as joint lead arrangers and co-documentation agents were Huntington National Bank, Mizuho Bank, Ltd., Raymond James Bank, Truist Bank and Wells Fargo 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.

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