NETSTREIT Secures $550 Million In New Term Loan Commitments And Amends Facilities
Article excerpt
NETSTREIT has closed $550 million in additional financing commitments and amended existing credit facilities agented by PNC Bank, Wells Fargo and Truist Bank. The additional financing is being provided through an amendment to NETSTREIT’s term loan agreement agented by PNC Bank. The commitments include a $100 million increase to the REIT’s existing senior unsecured 5.5-year term loan facility. The full amount was funded at closing. NETSTREIT also received a $50 million increase to its existing senior unsecured seven-year term loan facility, which was also fully funded at closing. The largest component is a new $400 million senior unsecured seven-year delayed-draw term loan facility. The facility was undrawn at closing and can be drawn through September 28, 2027. NETSTREIT used proceeds from the two incremental term loans, together with a remaining $50 million draw under its existing 2032 term loan, to repay its $200 million term loan that had been scheduled to mature in February 2028. Interest rate swaps previously associated with the repaid term loan remain in place and continue fixing the interest rate on an equivalent amount of borrowings through February 2028. The company also amended its PNC term loan agreement and credit agreements agented by PNC, Wells Fargo and Truist. Some of the amendments reduce applicable margin spreads. NETSTREIT said the transactions extend its...
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Extracted from this sentence
PNC Capital Markets, Huntington National Bank, Truist Securities, Capital One and Regions Capital Markets served as joint lead arrangers for the $100 million incremental term loan.
