Essential Properties gets new seven-year $430 million term loan

By Wendy Van Sickle

Columbus, Ohio, Nov. 26 – Essential Properties Realty Trust, Inc. closed a new seven-year $430 million senior unsecured term loan facility, according to a press release.

There is an accordion feature allowing for up to $70 million of additional term loans.

The term loan has a delayed-funding feature, allowing the company to borrow the funds when needed on or prior to May 26, 2020. No amounts are currently drawn on the term loan.

Borrowings bear interest at Libor plus a margin ranging from 150 basis points to 220 bps, depending on the leverage ratio. Based on the company’s current leverage ratio, the rate would be about 3.203%.

The company also amended its existing $600 million unsecured credit facility.

A total of eight lenders participated in the revolver, including Capital One, NA as a joint bookrunner and administrative agent; SunTrust Robinson Humphrey, Inc. and Mizuho Bank Ltd. as joint bookrunners and co-syndication agents; and Chemical Bank as documentation agent.

Princeton, N.J.-based Essential Properties acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to companies operating service-oriented or experience-based businesses.

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