FCPT Announces New $85 Million Term Loan Under Existing Credit Facility
Summary
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (FCPT or the Company), announced today that the Company entered into an Incremental Amendment to the Third Amended and Restated Revolving Credit and Term Loan Agreement with a group of existing lenders (the Credit Agreement). The Term Loan will be fully drawn at close and will be used to pay down the $50 million of private notes maturing in June 2024 as well as for acquisitions and other general corporate purposes.Bill Lenehan, Chief Executive Officer of FCPT, commented We are very appreciative of the support of our existing bank partners. Including a credit margin of 0.95% determined under the Credit Agreement by FCPTs current investment grade ratings of BBB/Baa3 (Fitch/Moodys), the effective interest rate on the Term Loan is 4.89%.Barclays Bank PLC acted as Syndication Agent and Joint Lead Arranger on the Term Loan with J.P. Morgan Chase Bank, N.A. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.This press release contains forward-looking statements within the meaning of the federal securities laws.