NNN REIT, INC. ANNOUNCES EXPANDED $1.2 BILLION UNSECURED CREDIT FACILITY
NNN REIT, INC. ANNOUNCES EXPANDED $1.2 BILLION UNSECURED CREDIT FACILITY
PR Newswire
ORLANDO, Fla., April 16, 2024
ORLANDO, Fla., April 16, 2024 /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN), a real estate investment trust, today announced the amendment of its unsecured bank credit facility. The amendment increases the available borrowing capacity under the credit facility from $1.1 billion to $1.2 billion. The amended facility matures April 2028, with options to extend maturity to April 2029. All other material loan provisions, including pricing, are unchanged. The amended facility also includes an accordion feature to increase the facility size up to $2.0 billion.
Wells Fargo Bank, National Association, and Bank of America, N.A., served as the Joint Lead Arrangers and Joint Bookrunners on the credit facility with Wells Fargo Bank acting as the Administrative Agent and Bank of America acting as the Syndication Agent. Joint Lead Arrangers and Documentation Agents were PNC Bank, National Association, Royal Bank of Canada, TD Bank, N.A., Truist Bank and U.S. Bank National Association. Senior Managing Agents were Morgan Stanley Bank, N.A., Mizuho Bank, Ltd., and Sumitomo Mitsui Banking Corporation. The other bank participant was Raymond James Bank.
"We greatly appreciate the continuing support of our bank group and the confidence they have in our business," said Kevin B. Habicht, Executive Vice President and CFO. "The expanded facility gives us significant financial flexibility and enhances our ability to take advantage of acquisition opportunities which helps us perpetuate NNN's track record of 34 consecutive annual dividend increases."
NNN REIT invests primarily in high-quality retail properties subject generally to long-term, net leases. As of December 31, 2023, the company owned 3,532 properties in 49 states with a gross leasable area of approximately 36.0 million square feet and a weighted average remaining lease term of 10.1 years. For more information on the company, visit www.nnnreit.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/nnn-reit-inc-announces-expanded-1-2-billion-unsecured-credit-facility-302118654.html
SOURCE NNN REIT, Inc.
-
What’s the Difference Between the CPI and PCE Indexes?
-
Powell Unfazed By Sticky Inflation, but Rate Cuts Are Far Off
-
After Earnings, Is Microsoft Stock a Buy, a Sell, or Fairly Valued?
-
Best- and Worst-Performing Stocks of April 2024
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Small-Cap and Value Stocks Are Undervalued
-
Why We Expect the Job Market’s Slowdown to Renew in 2024
-
5 Undervalued Stocks to Buy to Play a Little Defense
-
10 Top-Performing Dividend Stocks of the Month
-
Marathon Petroleum Earnings: No Change to Competitive Position, but Shares Look Expensive
-
Charlie Munger and How Not to Invest
-
Look Inside Berkshire Hathaway’s Portfolio Before Its Annual Meeting
-
After Earnings, Is AT&T Stock a Buy, a Sell, or Fairly Valued?
-
Mastercard Earnings: A Stable Environment Highlights the Firm’s Strengths
-
Pfizer Earnings: Solid Results Supported by Steady Tracking Toward $4 Billion In Cost Cuts
-
Starbucks Earnings: Not a Lot to Like About Results as Global Traffic Sputters