NETSTREIT closed $275 million in additional financing commitments and amendments to its existing credit facilities agented by PNC Bank, Wells Fargo Bank and Truist Bank.
The PNC credit agreement was amended and restated and provides for credit facilities in an aggregate initial amount of $875 million, consisting of a new $175.0 million senior unsecured term loan, the existing $200 million senior unsecured term loan and an upsized, $500 million revolving credit facility. The new term loan and the amended revolving facility initially mature in January 2029 and include, at the company’s election, a one-year option to extend the maturity to January 2030. The new term loan was fully funded on the closing date and the company has hedged the entire $175 million new term loan at an all-in fixed interest rate of 5.12% through January 2030.
In addition, the Wells Fargo credit agreement was amended and restated to extend the maturity date of the existing $175 million senior unsecured term loan thereunder from January 2027 to January 2029 with an option, at the company’’ election, to extend the maturity to January 2030.
Among other changes, each of the PNC credit agreement, Wells Fargo credit agreement and Truist credit agreement were also amended to remove certain financial covenants and provide for revised, improved pricing when the company meets certain investment grade rating and leverage targets.
Wells Fargo Bank, U.S. Bank, Capital One and Truist Bank acted as syndication agents for the revolving facility. The Huntington National Bank, Bank of America, Regions Bank, TD Bank and Mizuho acted as documentation agents for the revolving facility. Wells Fargo Securities, PNC Capital Markets, U.S. Bank National Association, Capital One and Truist Securities acted as joint lead arrangers for the revolving facility. Wells Fargo Securities, PNC Capital Markets and U.S. Bank National Association acted as joint bookrunners for the revolving facility.
Capital One, Truist Bank and The Huntington National Bank acted as syndication agents for the new term loan. PNC Capital Markets, Capital One, Truist Securities and The Huntington National Bank acted as joint lead arrangers for the new term loan. PNC Capital Markets acted as sole bookrunner for the new term loan.
Bank of America, Regions Bank and TD Bank acted as syndication agents for the amended term loan. Wells Fargo Securities, BOFA Securities, Regions Capital Markets and TD Bank acted as joint lead arrangers for the amended term loan. Wells Fargo Securities acted as the sole Bookrunner for the amended term loan.
Cooley acted as counsel to the company and Alston & Bird acted as counsel to the administrative agents.
