This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Getty Realty Corp. Extends Maturity Of Credit Facility & Term Loan Into 2013

Stocks in this article: GTY

Getty Realty Corp. (NYSE:GTY) (“Getty” or the “Company”) today announced that on March 9, 2012 it amended both its $175.0 million revolving credit facility with J.P. Morgan Chase Bank, N.A., as Administrative Agent (the “Credit Agreement”) and its $25.0 million term loan with TD Bank, N.A. (the “Term Loan”) and extended the maturity of both loans to March 2013.

David Driscoll stated, “We are quite pleased that the Company secured an extension of its Credit Agreement and Term Loan with its banking group. The extension provides Getty with financial flexibility as it begins to execute on its strategy of re-positioning the Getty Marketing assets to stabilize cash flow. Given the tumultuous events the past six months, we view the securing of these agreements as a vote of confidence from our lenders about underlying value of our portfolio and our management strategy.”

The amendment of the Credit Agreement provides for first mortgage security on some of the Company’s properties and is priced at an interest margin of 300bps over LIBOR. At closing the borrowings under the Credit Agreement and Term Loan aggregated approximately $175 million.

The Credit Agreement and Term Loan contain amended terms and conditions, including periodic financial reporting, financial covenants requiring the maintenance of minimum cash balances as well as other covenants which may limit Getty's ability to incur debt or pay dividends and restrictions on Getty's use of proceeds from the issuance of debt or equity and the sale of properties. The Credit Agreement and Term Loan also contain customary events of default, such as change of control, failure to maintain REIT status or the occurrence of an event that may have a material adverse effect on Getty's business, assets, prospects or condition.

About Getty:

Getty Realty Corp. is the leading publicly-traded real estate investment trust in the United States specializing in ownership and leasing of convenience store/gas station properties and petroleum distribution terminals. The Company owns and leases approximately 1,149 properties nationwide.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs