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Griffin Realty amends, restates credit agreement
By William Gullotti
Buffalo, N.Y., Oct. 4 – Griffin Realty Trust, Inc., via GRT OP, LP, entered into a fifth amendment to its credit agreement with KeyBank NA as administrative agent on Sept. 28, according to an 8-K filing with the Securities and Exchange Commission.
The maturity of the facility’s $750 million senior unsecured revolver was pushed to Sept. 30, 2023 from Sept. 28, 2022. The amendment further added three, three-month extension options to the revolver.
The amendments also replaced Libor with SOFR, with revolver borrowings bearing interest at SOFR plus a margin ranging from 130 basis points to 220 bps.
The facility’s $950 million of term loans maturing in 2024, 2025 and 2026 will also bear interest at SOFR but with a margin ranging from 125 bps to 215 bps.
At signing, the margins are based on the company’s consolidated leverage ratio.
Included in the amended agreement is a pricing grid that will become effective if the company obtains an investment-grade rating, at which point the margins will be determined by the company’s debt rating.
There is also an option for the company to increase commitments by up to $2.3 billion under its three existing term loans, its revolver and/or any new tranche of term loans. Increases must be made in $25 million increments.
In addition to serving as administrative agent, KeyBank is also swingline lender and issuing bank.
Keybanc Capital Markets, BofA Securities, Inc., Truist Securities, Inc., Capital One, NA, U.S. Bank NA, Wells Fargo Securities, LLC, BMO Capital Markets, Fifth Third Bank and PNC Capital Markets and bookrunners and lead arrangers.
Formerly known as Griffin Capital Essential Asset Operating Partnership, LP, Griffin Realty is an El Segundo, Calif.-based real estate investment trust.
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