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STORE Capital borrows $450M under revolver to curb coronavirus impact

STORE Capital Corp. on March 26 borrowed an additional $450 million under its revolving credit facility to preserve financial flexibility amid the coronavirus pandemic.

Through March 16, the diversified real estate investment trust had drawn $150 million under the revolver to finance property acquisitions and to boost its cash position.

The borrowings have an initial interest rate of the London interbank offered rate plus 1.00%, which was 1.92% as of March 26.

The REIT has a total of $600 million outstanding under its revolver and had more than $630 million in available cash, as of March 31.

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