Shopko amends ABL agreement via Spirit, gets $35 million term loan B-1

By Tali Rackner

Minneapolis, Jan. 17 – Spirit Realty LP entered into an amendment to its credit agreement with tenant Shopko Properties LLC on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo Bank, NA is the agent.

Under the amendment, Spirit Realty extended a $35 million senior secured term loan B-1 to Shopko.

The loan matures on June 19, 2020.

The B-1 term loan bears interest at a rate of 12% per year, will be repaid in consecutive quarterly installments of $583,625 beginning Nov. 1, 2018.

Proceeds from the collateral will be applied to the B-1 term loan on a last-out basis after all outstanding amounts owing under the other loans under the credit agreement have been repaid in full.

Spirit Realty received a commitment fee equal to 3% of the B-1 term loan, the filing said.

Shopko is a Green Bay, Wis.-based department store operator. Spirit Realty Capital is a Dallas-based net-lease real estate investment trust.

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