BLOOMFIELD HILLS, Mich., Nov. 10, 2016 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced it has entered an agreement to amend and restate its senior unsecured credit facility. The amended and restated credit facility (the "Credit Facility") will be increased to $350 million and is comprised of a $250 million unsecured revolving credit facility (the "Revolving Facility") and extensions of the Company's existing $65 million and $35 million unsecured term loans (together, the "Unsecured Term Loans"). The Revolving Facility will mature in January 2021 with options to extend the maturity date to January 2022, and the Unsecured Term Loans will mature in January 2024. "We are very pleased with the improved terms of our credit facility and the strong support of our expanded bank group," said Matt Partridge, Chief Financial Officer of Agree Realty Corporation. "This financing further solidifies our industry-leading balance sheet by extending the maturities of our unsecured revolver and term loans, while also providing us with increased capacity to execute on our operating strategy." The Revolving Facility's interest rate is based on a pricing grid with a range of 130 to 195 basis points over LIBOR, determined by the Company's leverage ratio. At the Company's current leverage ratio, the interest rate on the Revolving Facility would be approximately 1.83%. The Company currently has no outstanding balance on the Revolving Facility. The interest rate on the Unsecured Term Loans is based on a pricing grid with a range of 165 to 235 basis points over LIBOR, determined by the Company's leverage ratio. The Company will utilize existing interest rate swaps to fix LIBOR on the Unsecured Term Loans at approximately 2.13%. At the Company's current leverage ratio, the interest rate on the Unsecured Term Loans would be approximately 3.78%.