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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
JPMorgan Chase Agents $85MM Term Loan for Four Corners Property Trust
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Lenders/Participants
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Barclays Bank PLC [Syndication Agent, Joint Lead Arranger]
JPMorgan Chase Bank [Administrative Agent]
The Huntington National Bank [Joint Lead Arranger, Co-Documentation Agent]
Mizuho Bank [Joint Lead Arranger, Co-Documentation Agent]
Raymond James Bank [Joint Lead Arranger, Co-Documentation Agent]
Truist Bank [Joint Lead Arranger, Co-Documentation Agent]
Wells Fargo Bank [Joint Lead Arranger, Co-Documentation Agent]
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Structure
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Term Loan
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Amount
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$85.000
Million
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Borrower(s)
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Four Corners Property Trust
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Description
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An Incremental Amendment to the Third Amended and Restated Revolving Credit and Term Loan Agreement with a group of existing lenders (the "Credit Agreement"). The Company utilized the accordion feature of the Credit Agreement to enter into a new $85 million term loan (the "Term Loan"). The Term Loan matures in March 2027 with one twelve-month extension exercisable at the Company’s option, subject to certain conditions. The Term Loan will be fully drawn at close and will be used to pay down the $50 million of private notes maturing in June 2024 as well as for acquisitions and other general corporate purposes. In conjunction with the Term Loan, the Company entered into $85 million of interest rate swaps to fix the reference rate at 3.94% through maturity. Including a credit margin of 0.95% determined under the Credit Agreement by FCPT’s current investment grade ratings of BBB/Baa3 (Fitch/Moody’s), the effective interest rate on the Term Loan is 4.89%.
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Industry
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Real Estate
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Location
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CA
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| Related Tags |
Commercial Real Estate, JPMorgan Chase Bank, Real Estate, REIT
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ABL Advisor
Deal Tables
2024
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