Agree Realty Extends, Reprices $85M Unsecured Credit Facility, Obtains $23.6M Secured Financing

 Agree Realty Corporation

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.