NETSTREIT Corp. Announces $275.0 Million in Additional Financing Commitments and Amendments to Existing Credit Facilities
NETSTREIT Corp. (NYSE: NTST) has secured $275.0 million in additional financing commitments and amended its existing credit facilities. The company's PNC Credit Agreement now provides $875.0 million in aggregate facilities, including:
- A new $175.0 million senior unsecured term loan
- An existing $200.0 million senior unsecured term loan
- An upsized $500.0 million revolving credit facility (increased from $400.0 million)
The new term loan and revolving facility mature in January 2029, with an option to extend to January 2030. The new term loan is fully funded and hedged at a 5.12% fixed interest rate through January 2030. The Wells Fargo Credit Agreement's existing $175.0 million term loan maturity was extended to match these dates. The amendments also removed certain financial covenants and improved pricing terms based on investment grade rating and leverage targets.
NETSTREIT Corp. (NYSE: NTST) ha ottenuto $275,0 milioni in ulteriori impegni di finanziamento e ha modificato le proprie strutture creditizie esistenti. L'accordo di credito con PNC della società ora prevede $875,0 milioni in strutture aggregate, inclusi:
- Un nuovo prestito senior non garantito di $175,0 milioni
- Un prestito senior non garantito esistente di $200,0 milioni
- Una linea di credito rotativa aumentata a $500,0 milioni (incrementata da $400,0 milioni)
Il nuovo prestito e la linea di credito rotativa scadranno a gennaio 2029, con un'opzione di estensione fino a gennaio 2030. Il nuovo prestito è completamente finanziato e coperto a un tasso d'interesse fisso del 5,12% fino a gennaio 2030. La scadenza del prestito esistente di $175,0 milioni nell'accordo con Wells Fargo è stata estesa per allinearsi a queste date. Le modifiche hanno anche rimosso alcuni vincoli finanziari e migliorato le condizioni di prezzo basate sulla valutazione di grado d'investimento e sugli obiettivi di leva finanziaria.
NETSTREIT Corp. (NYSE: NTST) ha asegurado $275,0 millones en compromisos de financiamiento adicionales y ha modificado sus líneas de crédito existentes. El acuerdo de crédito con PNC de la compañía ahora proporciona $875,0 millones en instalaciones totales, incluyendo:
- Un nuevo préstamo senior no garantizado de $175,0 millones
- Un préstamo senior no garantizado existente de $200,0 millones
- Una línea de crédito rotativa aumentada a $500,0 millones (incrementada desde $400,0 millones)
El nuevo préstamo y la línea de crédito rotativa vencerán en enero de 2029, con una opción para extenderse hasta enero de 2030. El nuevo préstamo está completamente financiado y cubierto a una tasa de interés fija del 5,12% hasta enero de 2030. La fecha de vencimiento del préstamo existente de $175,0 millones en el acuerdo de Wells Fargo se ha extendido para coincidir con estas fechas. Las modificaciones también eliminaron ciertos convenios financieros y mejoraron los términos de precios en función de la calificación de grado de inversión y los objetivos de apalancamiento.
NETSTREIT Corp. (NYSE: NTST)는 추가 자금 조달 약속으로 $275.0 백만을 확보하고 기존 신용 시설을 수정했습니다. 회사의 PNC 신용 계약은 이제 $875.0 백만의 총 시설을 제공합니다. 포함된 항목은:
- 새로운 $175.0 백만의 비담보 선순위 대출
- 기존의 $200.0 백만의 비담보 선순위 대출
- 증가된 $500.0 백만의 회전 신용 시설 (이전의 $400.0 백만에서 증가)
새로운 대출과 회전 신용 시설은 2029년 1월에 만료되며, 2030년 1월까지 연장할 수 있는 옵션이 있습니다. 새로운 대출은 완전히 자금 조달되었으며, 2030년 1월까지 5.12%의 고정 금리로 헷지되었습니다. 웰스파고 신용 계약의 기존 $175.0 백만 대출 만기일이 이러한 날짜에 맞도록 연장되었습니다. 수정 사항은 또한 특정 재무 약정을 제거하고 신용 등급 및 레버리지 목표에 따라 가격 조건을 개선했습니다.
NETSTREIT Corp. (NYSE: NTST) a sécurisé $275,0 millions d'engagements de financement supplémentaires et a modifié ses installations de crédit existantes. L'accord de crédit avec PNC de l'entreprise prévoit désormais $875,0 millions d'installations globales, y compris :
- Un nouveau prêt senior non garanti de $175,0 millions
- Un prêt senior non garanti existant de $200,0 millions
- Une facilité de crédit revolving augmentée à $500,0 millions (augmentée par rapport à $400,0 millions)
Le nouveau prêt et la facilité revolving arrivent à échéance en janvier 2029, avec une option pour prolonger jusqu'en janvier 2030. Le nouveau prêt est entièrement financé et couvert à un taux d'intérêt fixe de 5,12% jusqu'en janvier 2030. L'échéance du prêt existant de $175,0 millions dans l'accord avec Wells Fargo a été prolongée pour correspondre à ces dates. Les modifications ont également supprimé certains engagements financiers et amélioré les conditions tarifaires en fonction de la notation de crédit et des objectifs d'endettement.
NETSTREIT Corp. (NYSE: NTST) hat $275,0 Millionen in zusätzlichen Finanzierungszusagen gesichert und seine bestehenden Kreditfazilitäten geändert. Die PNC-Kreditvereinbarung des Unternehmens sieht nun $875,0 Millionen an Gesamtfazilitäten vor, einschließlich:
- Ein neuer $175,0 Millionen unbesicherter Senior-Darlehen
- Ein bestehendes $200,0 Millionen unbesichertes Senior-Darlehen
- Eine erhöhte $500,0 Millionen revolvierende Kreditfazilität (erhöht von $400,0 Millionen)
Das neue Darlehen und die revolvierende Fazilität haben eine Laufzeit bis Januar 2029 mit der Option zur Verlängerung bis Januar 2030. Das neue Darlehen ist vollständig finanziert und bei einem festen Zinssatz von 5,12% bis Januar 2030 abgesichert. Die Laufzeit des bestehenden $175,0 Millionen Darlehens im Rahmen der Wells Fargo-Kreditvereinbarung wurde verlängert, um sich an diese Daten anzupassen. Die Änderungen haben auch bestimmte finanzielle Verpflichtungen entfernt und die Preisbedingungen auf der Grundlage der Bonitätsbewertung und der Verschuldungsziele verbessert.
- Secured $275.0 million in additional financing
- Increased revolving credit facility from $400M to $500M
- Extended loan maturities to January 2029 with option to extend to 2030
- Improved pricing terms based on investment grade rating and leverage targets
- Removed certain financial covenants, providing more operational flexibility
- New term loan fixed at 5.12% interest rate, relatively high in historical context
- Increased total debt exposure to $875.0 million
Insights
This refinancing deal significantly strengthens NETSTREIT's financial flexibility and liquidity position. The $275.0 million in additional financing, combined with the amendments to existing facilities, creates a more robust capital structure with extended maturities and improved terms. Key highlights include:
The new structure provides $875.0 million in total facilities, featuring a new
The removal of certain financial covenants and improved pricing terms linked to investment grade ratings and leverage targets indicates growing lender confidence in NETSTREIT's business model and credit quality. This enhanced flexibility could support future growth initiatives while potentially reducing borrowing costs if rating targets are achieved.
For investors, this refinancing demonstrates strong banking relationships and access to capital, while the extended maturities to 2029/2030 significantly reduce near-term refinancing risk. The improved covenant package and pricing terms position NETSTREIT well for potential credit rating improvements.
The restructured credit facilities represent a material improvement in NETSTREIT's debt profile. The transaction achieves several strategic objectives that enhance credit quality:
- Maturity ladder extension to 2029/2030 reduces refinancing risk
- Interest rate hedge on the new term loan provides cost certainty
- Covenant flexibility increases operational freedom
- Performance-based pricing incentivizes stronger credit metrics
The participation of multiple top-tier financial institutions, including PNC, Wells Fargo and Truist, validates the company's creditworthiness. The removal of certain financial covenants suggests lenders' growing comfort with NETSTREIT's business model and financial management. The link between pricing and investment grade ratings creates a clear pathway for reducing borrowing costs through continued operational execution.
The PNC Credit Agreement was amended and restated and provides for credit facilities in an aggregate initial amount of
In addition, the Wells Fargo Credit Agreement was amended and restated to extend the maturity date of the existing
Among other changes, each of the PNC Credit Agreement, Wells Fargo Credit Agreement and Truist Credit Agreement were also amended to remove certain financial covenants and provide for revised, improved pricing when the Company meets certain investment grade rating and leverage targets.
Wells Fargo Bank, National Association;
Capital One, National Association; Truist Bank; and The Huntington National Bank acted as Syndication Agents for the New Term Loan. PNC Capital Markets, LLC; Capital One, National Association; Truist Securities, Inc.; and The Huntington National Bank acted as Joint Lead Arrangers for the New Term Loan. PNC Capital Markets, LLC acted as Sole Bookrunner for the New Term Loan.
Bank of America, N.A.; Regions Bank; and TD Bank, N.A., acted as Syndication Agents for the Amended Term Loan. Wells Fargo Securities, LLC; BOFA Securities, Inc.; Regions Capital Markets; and TD Bank, N.A. acted as Joint Lead Arrangers for the Amended Term Loan. Wells Fargo Securities, LLC, acted as the sole Bookrunner for the Amended Term Loan.
Cooley LLP acted as counsel to the Company and Alston & Bird LLP acted as counsel to the Administrative Agents.
About NETSTREIT Corp.
NETSTREIT is an internally managed real estate investment trust (REIT) based in
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Investor Relations
ir@netstreit.com
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Source: NETSTREIT Corp.
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