Four Corners extends $250 million portion of term loans to 2023, 2024

By Sarah Lizee

Olympia, Wash., Dec. 13 – Four Corners Property Trust, Inc. and subsidiary Four Corners Operating Partnership, LP amended their revolving credit and term loan agreement on Thursday to extend the maturity date of part of the term loan, according to an 8-K filing with the Securities and Exchange Commission.

The amendment extends the maturity date of the term loan so that $150 million, the non-extended portion of the term loan, will continue to mature on Nov. 9, 2022, $150 million will mature on Nov. 9, 2023, and $100 million will mature on March 9, 2024.

The interest rate currently charged on the non-extended portion of the term loan will continue to be Libor plus a margin that ranges from 135 bps to 210 bps. Interest is currently Libor plus 135 bps for the non-extended portion.

However, the interest rate charged on the extended portions of the term loan will be reduced by 10 basis points. The interest rate will be Libor plus a margin that ranges from 125 bps to 200 bps. Currently, the interest rate is Libor plus 125 bps on the extended portion.

The total principal amount of $400 million outstanding under the term loan prior to the amendment will remain, the filing noted.

JPMorgan Chase Bank, NA and Merrill Lynch, Pierce, Fenner & Smith Inc. were joint lead arrangers. JPMorgan is the administrative agent.

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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