Getty Realty Announces New $150M Unsecured Term Loan
Getty Realty Corp., a publicly traded, net lease REIT, entered a new senior unsecured term loan with a group of existing lenders in an aggregate principal amount of $150 million, which matures October 17, 2025, with one 12-month extension exercisable at the company’s option.
The term loan is made up of $75 million that was funded at closing and will be used to repay amounts owed under the company’s revolving credit facility, and another $75 million that can be funded in a single draw at the company’s discretion on or before the 180th day following the closing date.
In connection with the loan, Getty entered $150 million of interest rate swaps to fix SOFR at 4.73% until maturity. Based on the company’s debt/equity ratio as of September 30, the effective interest rate on the loan, including the effects of the swaps, is 6.13%.
“This financing provides us with additional liquidity to fund our investment pipeline, while maintaining balance sheet flexibility as our platform continues to scale and the capital markets stabilize,” said Brian Dickman, Getty CFO.
Getty is a publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate.
Bank of America, N.A. is administrative agent, and BofA Securities, Inc., J.P. Morgan Chase Bank, N.A., TD Bank, N.A., and Capital One, N.A. are joint lead arrangers in the loan.