Agree Realty
Corporation ADC today announced the amendment of its $85 million
unsecured revolving credit facility. The amendment extends the facility's
maturity to October 2015 and provides for two one-year options to extend the
maturity, at the Company's discretion, to October 2017, subject to customary
conditions. Annual interest rates on borrowings under the amended facility
have been reduced to LIBOR plus 150 to 215 basis points, depending on the
Company's leverage ratio. Based on its current leverage ratio, the Company
anticipates the margin initially will be 150 basis points over LIBOR. The
facility includes a $50 million accordion feature to increase capacity to $135
million, subject to certain conditions, to accommodate the Company's business
plans. Bank of America, N.A. will act as administrative agent. Participating
banks include PNC Bank, Bank of Montreal and U.S. Bank.
Additionally, the Company closed on a $23.6 million secured CMBS financing
with Morgan Stanley Mortgage Capital Holdings LLC. The 10-year, non-recourse
loan is secured by 12 single tenant properties, bears interest at a fixed rate
of 3.60% per year and matures in January 2023. The proceeds from this
financing will be used to pay down amounts outstanding under the Company's
unsecured credit facility.
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