- A $150 million unsecured revolving credit facility (the "Revolver") due July 21, 2018 with an additional one-year extension option at the Company's election. Borrowings under the Revolver will initially be priced at LIBOR plus 135 basis points. The Revolver replaces the Company's existing $85 million revolving credit facility and can be expanded to $250 million though an accordion feature.
- A $65 million seven-year unsecured term loan facility (the "New Term Loan") due July 21, 2021. Borrowings under the New Term Loan will initially be priced at LIBOR plus 165 basis points. The Company has entered into an interest rate swap to fix LIBOR at 2.09% until maturity, implying an all-in interest rate of 3.74% at closing.
- Additionally, conforming changes were made to certain terms and conditions of the Company's existing $35 million term loan facility (the "Existing Term Loan") as part of the Agreement. The maturity date remains September 29, 2020 and the current all-in interest rate remains 3.85%.
Agree Realty Announces $250 Million Senior Unsecured Credit Facilities
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