Getty Realty secures $200 million term loan and amends credit agreement to cut revolving spread
Getty Realty Corp. entered into a senior unsecured term loan of $200 million with existing lenders at an effective 5.03% interest rate. The loan matures on October 16, 2028 and includes three optional twelve‑month extensions. The related amendment removed a 10.0‑basis‑point SOFR spread adjustment on the revolving facility and revised the investment‑grade rating definition, which the company says will fund part of its recent Refuel transaction and give it greater balance‑sheet flexibility.
Why it matters
The amendment lowers the cost of borrowing under Getty’s revolver, improving cash‑flow economics for the REIT. The new term loan adds liquidity and flexibility for future growth and refinancing needs, which may support the company’s credit profile and dividend capacity.
Key facts
- 1The term loan amount is $200 million. stocktitan.net
- 2The effective interest rate at closing was 5.03%. stocktitan.net
- 3The loan matures on October 16, 2028 with three twelve‑month extension options exercisable at the company’s discretion. stocktitan.net
- 4The amendment removed a 10.0‑basis‑point credit spread adjustment applied to SOFR borrowings under the revolving credit facility. stocktitan.net
- 5The amendment revised the definition of an investment‑grade credit rating, allowing revolver pricing off a ratings‑based grid. stocktitan.net
- 6Proceeds will be used to repay revolving credit facility borrowings that funded a portion of the recent Refuel transaction. stocktitan.net
Open questions
- Material 4 states the loan matures in 2025, while materials 1‑3 state maturity in 2028.
Summary written by AlphAI AI Desk from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.