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Agree Realty boosts senior unsecured credit facility to $600M

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Capital Markets View – January 2021


Agree Realty boosts senior unsecured credit facility to $600M

Agree Realty Corp. expanded its senior unsecured credit facility to $600 million, consisting of a $500 million revolver and $65 million and $35 million term loans.

The revolver is due in January 2024, with options to extend the maturity date to January 2025, while the term loans will mature in January 2024.

The single-tenant real estate investment trust said the facility includes an accordion option that allows the company to request additional lender commitments up to a total of $1.1 billion.

Based on the REIT's credit rating and leverage ratio at the time of closing, pricing on the revolver was 82.5 basis points over the London interbank offered rate. The interest rate on the term loans was 3.13%. Agree Realty noted that it will use existing interest-rate swaps to fix LIBOR on the term loans at approximately 2.13%.

PNC Capital Markets LLC, Citigroup Global Markets Inc. and Wells Fargo Securities LLC were joint lead arrangers and joint book managers for the revolver. PNC Bank NA was the administrative agent and Citigroup Global Markets Inc. and Wells Fargo Securities LLC were co-syndication agents. PNC Bank, Citibank NA, Wells Fargo Bank, Capital One NA, Citizens Bank NA, Regions Bank, SunTrust Bank, U.S. Bank NA, JPMorgan Chase Bank NA, Mizuho Bank Ltd., Raymond James Bank NA and Stifel Bank & Trust were participating lenders in the revolver.

PNC Capital Markets, Capital One, Regions Capital Markets, SunTrust Robinson Humphrey Inc. and U.S. Bank NA were joint lead arrangers and joint book managers for the term loans. PNC Bank was the administrative agent, with Capital One NA, Regions Bank, SunTrust Bank and U.S. Bank NA serving as co-syndication agents. PNC Bank NA, Capital One NA, Regions Bank, SunTrust Bank, U.S. Bank NA, Raymond James Bank NA and Stifel Bank & Trust were participating lenders in the term loans.