Essential Properties Realty Trust, Inc. Announces Expanded $2.3 Billion Unsecured Credit Facility
Essential Properties Realty Trust (NYSE: EPRT) has announced a significant expansion of its credit facility to $2.3 billion. The amended facility includes a $1.0 billion unsecured revolving credit facility and three existing term loans totaling $1.3 billion.
The revolving credit facility matures in February 2029, with an option to extend until February 2030. This represents a substantial increase from the previous $600 million facility that was set to mature in February 2026.
The amendment includes improvements to the rate structure and financial covenants, enhancing the company's financial flexibility and strengthening its balance sheet. Wells Fargo Securities and BofA Securities served as Joint Bookrunners, with Wells Fargo Bank as Administrative Agent and Bank of America as Syndication Agent.
Essential Properties Realty Trust (NYSE: EPRT) ha annunciato un'importante espansione della sua linea di credito a 2,3 miliardi di dollari. La struttura emendata include una linea di credito rotativa non garantita di 1,0 miliardo di dollari e tre prestiti a termine esistenti per un totale di 1,3 miliardi di dollari.
La linea di credito rotativa scade a febbraio 2029, con un'opzione di estensione fino a febbraio 2030. Questo rappresenta un sostanziale aumento rispetto alla precedente linea di credito di 600 milioni di dollari, che doveva scadere a febbraio 2026.
L'emendamento include miglioramenti alla struttura dei tassi e ai vincoli finanziari, aumentando la flessibilità finanziaria dell'azienda e rafforzando il suo bilancio. Wells Fargo Securities e BofA Securities hanno servito come Joint Bookrunners, con Wells Fargo Bank come Agente Amministrativo e Bank of America come Agente di Syndication.
Essential Properties Realty Trust (NYSE: EPRT) ha anunciado una expansión significativa de su línea de crédito a 2.3 mil millones de dólares. La instalación enmendada incluye una línea de crédito rotativa no garantizada de 1.0 mil millones de dólares y tres préstamos a largo plazo existentes por un total de 1.3 mil millones de dólares.
La línea de crédito rotativa vence en febrero de 2029, con una opción de extensión hasta febrero de 2030. Esto representa un aumento sustancial de la anterior línea de crédito de 600 millones de dólares, que estaba programada para vencer en febrero de 2026.
La modificación incluye mejoras en la estructura de tasas y convenios financieros, aumentando la flexibilidad financiera de la compañía y fortaleciendo su balance general. Wells Fargo Securities y BofA Securities actuaron como Joint Bookrunners, con Wells Fargo Bank como Agente Administrativo y Bank of America como Agente de Sindicación.
Essential Properties Realty Trust (NYSE: EPRT)는 자산 기반 신용 한도를 23억 달러로 대폭 확대했다고 발표했습니다. 개정된 신용 한도에는 10억 달러의 무담보 순환 신용 한도와 총 13억 달러에 달하는 기존의 3개의 만기 대출이 포함됩니다.
순환 신용 한도는 2029년 2월에 만기가 되며, 2030년 2월까지 연장 옵션이 있습니다. 이는 2026년 2월에 만기 예정이었던 6억 달러의 기존 신용 한도에서 크게 증가한 것입니다.
이번 수정은 금리 구조와 재무 약정의 개선을 포함하여 회사의 재무 유연성을 높이고 대차대조표를 강화합니다. Wells Fargo Securities와 BofA Securities는 공동 주관사로 활동했으며, Wells Fargo Bank는 관리 에이전트로, Bank of America는 배급 에이전트로 활동했습니다.
Essential Properties Realty Trust (NYSE: EPRT) a annoncé une expansion significative de sa ligne de crédit à 2,3 milliards de dollars. La nouvelle ligne comprend une ligne de crédit renouvelable non garantie de 1,0 milliard de dollars ainsi que trois prêts à terme existants totalisant 1,3 milliard de dollars.
La ligne de crédit renouvelable arrive à échéance en février 2029, avec une option d'extension jusqu'en février 2030. Cela représente une augmentation substantielle par rapport à la précédente ligne de crédit de 600 millions de dollars, qui devait arriver à échéance en février 2026.
La modification inclut des améliorations de la structure des taux et des conventions financières, renforçant la flexibilité financière de l'entreprise et solidifiant son bilan. Wells Fargo Securities et BofA Securities ont agi en tant que Joint Bookrunners, Wells Fargo Bank étant l'agent administratif et Bank of America l'agent de syndication.
Essential Properties Realty Trust (NYSE: EPRT) hat eine bedeutende Erweiterung seiner Kreditlinie auf 2,3 Milliarden Dollar bekannt gegeben. Der geänderte Kreditrahmen umfasst eine nicht gesicherte revolvierende Kreditlinie über 1,0 Milliarden Dollar sowie drei bestehende Terminkredite mit insgesamt 1,3 Milliarden Dollar.
Die revolvierende Kreditlinie läuft im Februar 2029
Die Änderung umfasst Verbesserungen der Zinssatzstruktur und finanziellen Vereinbarungen, die die finanzielle Flexibilität des Unternehmens erhöhen und seine Bilanz stärken. Wells Fargo Securities und BofA Securities fungierten als Joint Bookrunners, wobei Wells Fargo Bank als Verwaltungsagentur und Bank of America als Syndikationsagentur tätig war.
- Significant expansion of credit facility from $600M to $1.0B for revolving portion
- Extended maturity date to February 2029 with option for 2030
- Improved rate structure and financial covenants
- Enhanced financial flexibility and balance sheet strength
- None.
Insights
The expansion of Essential Properties' credit facility to
Enhanced Acquisition Power: The additional
Balance Sheet Optimization: The extended maturity to 2029 (with 2030 option) reduces refinancing risk and provides longer-term stability. The improved rate structure and financial covenants suggest enhanced terms that could lower their cost of capital, reflecting lenders' confidence in EPRT's business model and credit quality.
Strategic Positioning: The participation of major financial institutions (Wells Fargo, Bank of America, etc.) and the significant facility size relative to EPRT's
Financial Implications: The improved covenant structure provides greater operational flexibility, while the enhanced rate terms could positively impact their interest expense profile. This facility's size and structure suggest EPRT is positioning for growth while maintaining conservative leverage metrics, a important balance in the current higher-rate environment.
Mark Patten, Chief Financial Officer of Essential Properties, said, “We are pleased to upsize our unsecured revolving credit facility and further enhance the overall terms and conditions of the unsecured credit facility, and greatly appreciate the participation from all of our lending group, which, we believe, continues to highlight the breadth and commitment of our capital partners.” Mr. Patten continued, “The recast of the overall facility significantly increased our revolver capacity, extended the maturity, and also incorporated improvements to the rate structure and our financial covenants, greatly enhancing our financial flexibility and further strengthening our balance sheet and our access to capital.”
Wells Fargo Securities, LLC and BofA Securities, Inc. served as the Joint Bookrunners on the transaction, with Wells Fargo Bank, N.A. serving as the Administrative Agent and Bank of America, N.A. serving as the Syndication Agent. Wells Fargo Securities, LLC, BofA Securities, Inc., Bank of Montreal, Capital One, N.A., Mizuho Bank, Ltd., TD Bank, N.A., and Truist Securities, Inc. acted as Joint Lead Arrangers. Bank of Montreal, The Bank of Nova Scotia, BNP Paribas, Capital One, N.A., Citibank, N.A., Huntington National Bank, Mizuho Bank, Ltd., Morgan Stanley Bank, N.A., Regions Bank, TD Bank, N.A. and Truist Bank served as Documentation Agents.
About Essential Properties Realty Trust, Inc.
Essential Properties Realty Trust, Inc. is an internally managed REIT that 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. As of September 30, 2024, the Company’s portfolio consisted of 2,053 freestanding net lease properties with a weighted average lease term of 14.1 years and a weighted average rent coverage ratio of 3.6x. In addition, as of September 30, 2024, the Company’s portfolio was
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Investor/Media:
Essential Properties Realty Trust, Inc.
Robert
Senior Vice President, Head of Capital Markets
609-436-0619
investors@essentialproperties.com
Source: Essential Properties Realty Trust, Inc.
FAQ
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