Netstreit enters into $175 million three-year term loan agreement

By Wendy Van Sickle

Columbus, Ohio, June 20 – Netstreit Corp. amended and restated its credit agreement with Wells Fargo Bank, NA as administrative agent on June 15 to provide for a $175 million senior unsecured term loan maturing on Jan. 15, 2026, according to an 8-K filing with the Securities and Exchange Commission.

The interest rate is SOFR plus a margin ranging from 115 basis points to 160 bps, based on the company’s consolidated total leverage ratio. After the date the company obtains an investment-grade rating, interest will accrue at SOFR plus a margin ranging from 80 bps to 160 bps.

Financial covenants include a maximum leverage ratio, a fixed-charge coverage ratio, a secured leverage ratio and a minimum tangible net worth.

Wells Fargo Securities, LLC, Regions Capital Markets and TD Bank, NA are the joint lead arrangers.

Capital One, NA, PNC Bank, NA, Truist Bank and U.S. Bank NA are the co-documentation agents. Regions Bank and TD Bank, NA are the co-syndication agents.

Netstreit is an internally managed real estate investment trust based in Dallas, specializing in acquiring single-tenant net lease retail properties.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.