NETSTREIT closed $450 million in additional financing commitments and amendments to its existing credit facilities agented by PNC Bank, Wells Fargo Bank and Truist Bank.
The new term loan credit agreement, agented by PNC Bank, provides for $450 million in additional term loan commitments, consisting of a $200 million senior unsecured, 5.5-year term loan facility, all of which was funded on the closing date, and a $250 million senior unsecured, seven-year term loan facility, of which $100 million was funded on the closing date. The remaining $150 million will be available as a delayed draw term loan commitment until Sept. 25, 2026.
The company has fully hedged the 2031 term loan with an all-in interest rate, as of Oct. 1, 2025, of 4.59% per annum. The company has partially hedged $200 million of the 2032 term loan at an all-in interest rate, as of Oct. 1, 2025, of 4.92% per annum. Interest is payable monthly or at the end of the applicable interest period in arrears on any outstanding borrowings. The remaining $50 million of the 2032 term loan is currently unhedged.
Each of the PNC credit agreement, Wells Fargo credit agreement and Truist credit agreement were amended to, among other changes necessary to conform to the PNC term loan agreement, remove the SOFR credit spread adjustment.
PNC Capital Markets, The Huntington National Bank, Truist Securities, Capital One and Regions Capital Markets acted as joint lead arrangers for the 2031 term loan. PNC Capital Markets, The Huntington National Bank, Truist Securities, Capital One, Regions Capital Markets, TD Bank and U.S. Bank acted as joint lead arrangers for the 2032 term loan.
The Huntington National Bank, Truist Bank, Capital One and Regions Bank acted as syndication agents for the 2031 term loan. The Huntington National Bank, Truist Bank, Capital One, Regions Bank, TD Bank and U.S. Bank acted as syndication agents for the 2032 term loan.
PNC Capital Markets acted as the sole bookrunner.
Cooley acted as counsel to the company and Alston & Bird acted as counsel to the administrative agents.
