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Getty Realty issues $125M of notes in private placement

Getty Realty Corp. closed a $125 million private placement of 3.52% senior unsecured notes due 2029.

The convenience store and gasoline station property owner said it used proceeds from the transaction to repay outstanding debt on its floating-rate term loan and revolving credit facilities.

The real estate investment trust also amended its senior unsecured credit agreement to increase the borrowing capacity under its unsecured revolving facility to $300 million from $250 million and to bring the lender commitments under its unsecured term loan to zero from $50 million.

Getty Realty closed the private placement with The Prudential Insurance Co. of America, American General Life Insurance Co. and Massachusetts Mutual Life Insurance Co.