FCPT Announces Upsizing and Extension of Unsecured Credit Facility
Four Corners Property Trust (FCPT) has announced significant changes to its credit facility. The company has increased its overall facility size from $765 million to $940 million, which includes expanding the revolving credit facility to $350 million and establishing a new $225 million term loan. Both facilities will mature in February 2029, with a one-year extension option.
The Term Loan will partially be used to pay down $150 million of loans maturing in November 2025. FCPT has also secured a one-year extension option for $100 million of term loans maturing in November 2026. The company entered into $75 million of interest rate swaps fixing the reference rate at 3.6% through maturity, resulting in an effective interest rate of 4.6% on the additional Term Loan.
Following this transaction, FCPT will have no debt maturities for nearly 2 years and new capital available for growth. The credit facility restructuring was supported by multiple major financial institutions, including J.P. Morgan Chase Bank and BofA Securities as Joint Bookrunners.
Four Corners Property Trust (FCPT) ha annunciato cambiamenti significativi alla sua linea di credito. L'azienda ha aumentato la dimensione complessiva della linea di credito da 765 milioni di dollari a 940 milioni di dollari, il che include l'espansione della linea di credito rotativa a 350 milioni di dollari e l'istituzione di un nuovo prestito a termine di 225 milioni di dollari. Entrambe le strutture scadranno a febbraio 2029, con un'opzione di estensione di un anno.
Il prestito a termine sarà parzialmente utilizzato per estinguere 150 milioni di dollari di prestiti in scadenza a novembre 2025. FCPT ha anche ottenuto un'opzione di estensione di un anno per prestiti a termine di 100 milioni di dollari in scadenza a novembre 2026. L'azienda ha stipulato contratti di swap sui tassi d'interesse per un valore di 75 milioni di dollari, fissando il tasso di riferimento al 3,6% fino alla scadenza, risultando in un tasso d'interesse effettivo del 4,6% sul prestito a termine aggiuntivo.
Dopo questa operazione, FCPT non avrà scadenze di debito per quasi 2 anni e nuovo capitale disponibile per la crescita. La ristrutturazione della linea di credito è stata sostenuta da molteplici importanti istituzioni finanziarie, tra cui J.P. Morgan Chase Bank e BofA Securities in qualità di co-responsabili del libro.
Four Corners Property Trust (FCPT) ha anunciado cambios significativos en su línea de crédito. La empresa ha aumentado el tamaño total de su línea de crédito de 765 millones de dólares a 940 millones de dólares, lo que incluye la expansión de la línea de crédito revolvente a 350 millones de dólares y el establecimiento de un nuevo préstamo a plazo de 225 millones de dólares. Ambas instalaciones vencerán en febrero de 2029, con una opción de extensión de un año.
El préstamo a plazo se utilizará en parte para pagar 150 millones de dólares de préstamos que vencen en noviembre de 2025. FCPT también ha asegurado una opción de extensión de un año para préstamos a plazo de 100 millones de dólares que vencen en noviembre de 2026. La empresa ha entrado en 75 millones de dólares en swaps de tasas de interés fijando la tasa de referencia en el 3,6% hasta el vencimiento, resultando en una tasa de interés efectiva del 4,6% sobre el préstamo a plazo adicional.
Tras esta transacción, FCPT no tendrá vencimientos de deuda durante casi 2 años y nuevo capital disponible para crecer. La reestructuración de la línea de crédito fue respaldada por múltiples instituciones financieras importantes, incluidas J.P. Morgan Chase Bank y BofA Securities como co-lideres de libro.
포코너스 프로퍼티 트러스트(FCPT)가 신용 시설에 대한 중요한 변화를 발표했습니다. 회사는 전체 시설 규모를 7억 6,500만 달러에서 9억 4천만 달러로 늘렸으며, 여기에는 회전 신용 시설을 3억 5천만 달러로 확장하고 새로운 2억 2천5백만 달러의 기한부 대출을 설정하는 것이 포함됩니다. 두 시설은 2029년 2월에 만료되며, 1년 연장 옵션이 있습니다.
기한부 대출의 일부는 2025년 11월에 만료되는 1억 5천만 달러의 대출을 상환하는 데 사용될 것입니다. FCPT는 또한 2026년 11월에 만료되는 1억 달러의 기한부 대출에 대해 1년 연장 옵션을 확보했습니다. 회사는 이자율 스왑을 통해 기준 금리를 3.6%로 고정하는 계약을 7천5백만 달러 체결하여 추가 기한부 대출에 대한 실제 금리를 4.6%로 만들었습니다.
이번 거래 이후 FCPT는 거의 2년 동안 만기 부채가 없고 성장에 필요한 새로운 자본이 확보됩니다. 신용 시설 재구성은 J.P. 모건 체이스 은행과 BofA 증권을 공동 북에이커로 하는 여러 주요 금융 기관의 지원을 받았습니다.
Four Corners Property Trust (FCPT) a annoncé des changements significatifs concernant sa ligne de crédit. La société a augmenté la taille totale de sa ligne de crédit de 765 millions de dollars à 940 millions de dollars, ce qui inclut l'extension de la ligne de crédit revolving à 350 millions de dollars et l'établissement d'un nouveau prêt à terme de 225 millions de dollars. Les deux structures arriveront à échéance en février 2029, avec une option d'extension d'un an.
Le prêt à terme sera partiellement utilisé pour rembourser 150 millions de dollars de prêts arrivant à échéance en novembre 2025. FCPT a également obtenu une option d'extension d'un an pour des prêts à terme de 100 millions de dollars arrivant à échéance en novembre 2026. La société a conclu des contrats de swap sur les taux d'intérêt d'une valeur de 75 millions de dollars, fixant le taux de référence à 3,6 % jusqu'à l'échéance, ce qui entraîne un taux d'intérêt effectif de 4,6 % pour le prêt à terme supplémentaire.
À la suite de cette transaction, FCPT n'aura pas d'échéances de dette pendant près de 2 ans et un nouveau capital disponible pour la croissance. La restructuration de la ligne de crédit a été soutenue par plusieurs grandes institutions financières, notamment J.P. Morgan Chase Bank et BofA Securities en tant que co-responsables du livre.
Four Corners Property Trust (FCPT) hat bedeutende Änderungen an seiner Kreditfazilität bekannt gegeben. Das Unternehmen hat die Gesamthöhe der Fazilität von 765 Millionen Dollar auf 940 Millionen Dollar erhöht, was die Erweiterung der revolvierenden Kreditfazilität auf 350 Millionen Dollar und die Einrichtung eines neuen Terminkredits über 225 Millionen Dollar beinhaltet. Beide Fazilitäten laufen im Februar 2029 aus, mit einer einjährigen Verlängerungsoption.
Der Terminkredit wird teilweise verwendet, um 150 Millionen Dollar an Krediten, die im November 2025 fällig werden, abzuzahlen. FCPT hat außerdem eine einjährige Verlängerungsoption für Terminkredite über 100 Millionen Dollar gesichert, die im November 2026 fällig werden. Das Unternehmen hat Zins-Swaps über 75 Millionen Dollar abgeschlossen, die den Referenzzinssatz auf 3,6 % bis zur Fälligkeit fixieren, was zu einem effektiven Zinssatz von 4,6 % für den zusätzlichen Terminkredit führt.
Nach dieser Transaktion wird FCPT fast 2 Jahre lang keine Schuldenfälligkeiten haben und neues Kapital für Wachstum zur Verfügung stehen haben. Die Umstrukturierung der Kreditfazilität wurde von mehreren großen Finanzinstituten, darunter J.P. Morgan Chase Bank und BofA Securities als Joint Bookrunners, unterstützt.
- Increased credit facility size by $175 million to $940 million
- Extended debt maturities to February 2029 with additional one-year extension option
- Secured $75 million of incremental proceeds for investments
- No debt maturities for nearly 2 years
- 86% of term loans hedged through 2026
- New Term Loan carries 4.6% effective interest rate
- Increased total debt load with $590 million in term loans vs. previous $515 million
Insights
This credit facility restructuring represents a significant strategic win for FCPT, materially improving its financial flexibility and risk profile. The 23% increase in total facility size to
Three critical aspects stand out:
- Enhanced Liquidity: The
40% expansion of the revolving credit facility to$350 million significantly bolsters FCPT's financial flexibility, providing ample capacity for opportunistic acquisitions in the net lease retail space. - Proactive Maturity Management: By refinancing
$150 million of 2025 maturities and securing extension options, FCPT has effectively eliminated any significant debt maturities until 2027. This timing advantage is particularly valuable given the current uncertain interest rate environment. - Prudent Interest Rate Management: The new
$75 million interest rate swap at3.6% plus a0.95% credit spread demonstrates astute risk management, locking in attractive rates while maintaining a well-hedged debt portfolio with86% of term loans hedged through late 2026.
The transaction's timing and structure are particularly impressive given the challenging capital markets environment for REITs. The expanded banking syndicate and improved terms reflect strong lender confidence in FCPT's credit quality and business model. This refinancing positions FCPT advantageously for potential market opportunities while maintaining a conservative financial profile.
Additionally, FCPT’s lenders agreed to provide a one-year extension option for the
The
Patrick Wernig, Chief Financial Officer of FCPT, commented: “We are very thankful for the strong support of our bank partners. This recast positions Four Corners extremely well for 2025 and beyond. Following this transaction, FCPT will have no debt maturities for nearly 2 years and new capital available to fund growth. The incremental
J.P. Morgan Chase Bank, N.A. and BofA Securities, Inc. acted as Joint Bookrunners and Joint Lead Arrangers. Other Joint Lead Arrangers for the revolving credit facility and new term loan included Fifth Third Bank, N.A., The Huntington National Bank, Truist Bank,
| FCPT Credit Facility Summary ($ millions) | |||||||||
|
Prior (as of 12/31/2024) |
|
Pro Forma (as of 2/1/2025) |
||||||
|
Capacity |
Maturity |
Including
|
Extended Term
|
|
Capacity |
Maturity |
Including
|
Extended Term
|
Revolver |
|
Nov-2025 |
May-2026 |
1.3 |
|
|
Feb-2029 |
Feb-2030 |
5.0 |
|
|
|
|
|
|
|
|
|
|
Term Loan
|
Principal |
Maturity |
Including
|
Extended Term
|
|
Principal |
Maturity |
Including
|
Extended Term
|
A-1 |
|
Nov-2025 |
- |
0.8 |
|
|
Feb-2029 |
Feb-2030 |
5.0 |
A-2 |
|
Nov-2026 |
- |
1.8 |
|
|
Nov-2026 |
Nov-2027 |
2.8 |
A-3 |
|
Jan-2027 |
- |
1.9 |
|
|
Feb-2027 |
- |
2.0 |
A-5 |
|
Mar-2027 |
Mar-2028 |
3.1 |
|
|
Mar-2027 |
Mar-2028 |
3.1 |
A-4 |
|
Jan-2028 |
- |
2.9 |
|
|
Feb-2028 |
- |
3.0 |
Term Loans |
|
|
|
1.9 |
|
|
|
|
3.6 |
| FCPT Term Loan Hedge Summary ($ millions) | ||||
Amount |
As of |
% of Total
|
Hedged
|
All-in
|
|
2/1/2025 |
|
|
|
|
11/1/2025 |
|
|
|
|
11/1/2026 |
|
|
|
|
11/1/2027 |
|
|
|
|
11/1/2028 |
|
|
|
About FCPT
FCPT, headquartered in
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding FCPT’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance and intended use of proceeds from the Term Loan and revolving credit facility. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of FCPT’s public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in FCPT’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and FCPT can give no assurance that its expectations or the events described will occur as described. For a further discussion of these and other factors that could cause FCPT’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in FCPT’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250131702166/en/
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Patrick Wernig, 415-965-8038
CFO
Source: Four Corners Property Trust
FAQ
What is the new size of FCPT's credit facility after the February 2024 expansion?
When will FCPT's new credit facility mature?
What is the interest rate on FCPT's new $75 million term loan?
How much of FCPT's term loans are hedged against interest rate risk?
What will FCPT use the new Term Loan proceeds for?
