NNN REIT Expands Term Loan to $500M, Amends Credit Facilities for Lower Rates

NNN REIT, Inc. has amended its senior unsecured term loan and revolving credit facilities. The company exercised a $200 million incremental term loan option, increasing the total facility size to $500 million. Concurrently, it amended the pricing grids for both facilities, resulting in lower borrowing costs.

Key Details

• Term Loan Expansion: The company exercised its $200 million incremental term loan option, bringing the aggregate size of the facility to $500 million. The loan matures on February 15, 2029.
• Reduced Borrowing Costs: Based on current credit ratings, the applicable SOFR-based margin was lowered to 0.800% from 0.850% for the term loan and to 0.725% from 0.775% for the revolving credit facility.
• Interest Rate Hedging: In connection with the amendment, the company entered into a $100 million forward starting swap, effectively fixing the SOFR rate at 3.43% through February 15, 2029.