MILL VALLEY, Calif .– (COMMERCIAL THREAD) –Four Corners Property Trust (NYSE: FCPT), a real estate investment trust primarily owned by high quality net leased food service establishments (âFCPTâ or the âCompanyâ), today announced that the Company has entered into a second credit agreement Revolving and Term Loan modified and updated with a group of existing and new lenders who modified and extended JTPF’s existing $ 650 million credit facility. The loan agreement provides for a $ 250 million revolving credit facility maturing in November 2025 and a $ 400 million term loan facility with staggered maturities from 2023 to 2026, as further described below. . The revamp extended the term of the revolving facility by four years and the term loans by three years to $ 250 million. In addition, FCPT may elect to borrow, subject to the satisfaction of certain conditions, up to an additional $ 350 million under an accordion feature of the credit facility.
âWe are very grateful for the support of our banking partners and their renewed commitment to our growth and our future. Improved pricing and extended maturities reflect the quality of our portfolio, our disciplined approach to diversification, our sound liquidity position and our continued commitment to a strong and quality balance sheet, âsaid Gerry Morgan, CFPT CFO .
Borrowings under the amended revolving facility bear interest at LIBOR plus 125 basis points, against the price of LIBOR plus 145 basis points under the previous agreement, and term loans bear interest at LIBOR plus 125 basis points. based.
All lender partners of the previous credit facility participated in the new facility which was led by JPMorgan Chase Bank, NA, BofA Securities, Inc., Wells Fargo Securities, LLC and US Bank National Association. Other participating banks were Barclays Bank PLC, Fifth Third Bank, National Association, Goldman Sachs Bank USA, Morgan Stanley Bank, NA, Raymond James Bank, The Huntington National Bank, Truist Bank and First Horizon Bank.
FCPT, headquartered in Mill Valley, California, is a real estate investment trust primarily engaged in the acquisition and rental of catering properties. The Company is looking to grow its portfolio by acquiring additional real estate for rent, on a net basis, for use in the restaurant and retail sectors. Additional information about FCPT is available on the website at www.fcpt.com.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements include all statements that are not statements of historical fact and those concerning FCPT’s intention, belief or expectations, including, but not limited to, statements regarding: operational and financial performance the Company’s ability to complete the offering and financing of the Notes and the intended use of the proceeds. Words such as “anticipate (s)”, “expect (s)”, “intention (s)”, “plan (s)”, “believe (s)”, “could”, “will” , “Would”, “could”, “should”, “search (s)” and similar expressions, or the negative of such terms, are intended to identify such forward-looking statements. Forward-looking statements are only valid 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 publish any update or revision of any forward-looking statement. to reflect any change in FCPT’s expectations or any change in the events, conditions or circumstances upon which any statement is based. Forward-looking statements are based on the current expectations and beliefs of management and FCPT cannot guarantee that its expectations or the events described will occur as described. For a more in-depth discussion of these and other factors that could cause FCPT’s future results to differ materially from any forward-looking statement, see the section entitled âRisk Factorsâ in FCPT’s most recent annual report on the Form 10-K, and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission.