Four Corners amends credit agreement to permit additional debt

By Marisa Wong

Morgantown, W.Va., Feb. 15 – Four Corners Property Trust, Inc. amended its revolving credit and term loan agreement dated Nov. 9, 2015 to be able to incur additional unsecured debt in an aggregate principal amount of at least $50 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also provides that, upon the incurrence of this additional unsecured debt, all pledges of equity interests that secure the loan agreement and all subsidiary guarantees will be released and the financial covenant requirements in relation to maximum leverage and minimum debt service coverage will be adjusted.

In addition, the amendment increases the minimum consolidated tangible net worth requirement to $868,899,000 from $845,744,000.

JPMorgan Chase Bank, NA is administrative agent for the credit agreement.

Four Corners is a Mill Valley, Calif.-based company that acquires and leases restaurant locations.

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