Getty Realty Corp. increased its unsecured revolving facility to $250 million from $175 million and extended its maturity date to March 2022 from June 2018, with a one-year extension option.
The retail-focused real estate investment trust kept its unsecured term loan at $50 million but extended the maturity date to March 2023 from June 2020.
The REIT reduced the interest rates on the revolving facility and the term loan to the London Interbank Offered Rate plus a margin of 1.50% to 2.30% and LIBOR plus 1.45% to 2.25%, respectively, based on the company's total debt-to-asset-value ratio. Interest on the revolving facility may also be calculated as the sum of a base rate plus a margin of 0.50% to 1.30%, and for the term loan, as the sum of a base rate plus a margin of 0.45% to 1.25%.
Bank of America NA was administrative agent, while Merrill Lynch Pierce Fenner & Smith Inc., J.P. Morgan Chase Bank NA, KeyBanc Capital Markets and RBC Capital Markets were joint lead arrangers and joint book runners for the credit agreement.