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VEREIT lands new $2.9B unsecured credit facility

VEREIT Inc. closed on a new $2.9 billion unsecured credit facility, comprising a $2.0 billion unsecured revolving credit facility due May 23, 2022, and a $900.0 million unsecured delayed-draw term loan facility due May 23, 2023.

The single-tenant real estate investment trust said the new credit facility replaces its previous $2.3 billion revolving credit facility, noting that the revolver component comes with two six-month extension options.

Wells Fargo Securities LLC and Merrill Lynch, Pierce Fenner & Smith Inc. were the joint lead arrangers and joint book runners for the new credit facility, with Wells Fargo Bank NA as the administrative agent.

Barclays Bank PLC, BMO Capital Markets Corp., Capital One NA, Citibank NA, JPMorgan Chase Bank NA and U.S. Bank NA were the joint lead arrangers.