Essential Properties Realty Trust, Inc. Announces New $450 Million 5.5 Year Unsecured Term Loan

Today, Essential Properties Realty Trust, Inc. (NYSE: EPRT) (the "Company” or "EPRT”) announced the closing of an amendment of the Company’s Amended and Restated Credit Agreement, which added a new unsecured $450 million up to 5.5-year term loan facility with a delayed draw feature (the "2030 Term Loan”). The 2030 Term Loan initially bears interest at an annual rate of term SOFR plus an applicable margin. If the extension options are fully exercised by the Company, the 2030 Term Loan will mature in January 2030.

At closing, the Company drew an initial funding amount of $320 million, a portion of which was used to pay off the outstanding balance on the Company’s revolving credit facility. The 2030 Term Loan has a 6-month delayed funding feature, allowing the Company to borrow the remaining $130 million through January 2025. The Company entered into swap agreements for the initial funding amount for an effective all-in rate of approximately 4.99%.

Mark Patten, the Company’s Executive Vice President and Chief Financial Officer, said, "We are very pleased to execute the 2030 Term Loan, which addresses our debt capital needs for the near-term.” Mr. Patten concluded by noting, "We greatly appreciate that effectively all of our bank group participated in the 2030 Term Loan, indicating their strong ongoing commitment, support, and confidence in our Company, and we were pleased to welcome our new banking relationships.”

Wells Fargo Securities, LLC and Mizuho Americas were the Joint Bookrunners. Wells Fargo Bank, N.A. served as Administrative Agent and Wells Fargo Securities, LLC served as Sustainability Structuring Agent. BOFA Securities, Inc., BMO Capital Markets Corp., Capital One, National Association, TD Bank, N.A., and Truist Securities, Inc., served as Joint Lead Arrangers. The Bank of Nova Scotia, BNP Paribas and Regions Bank served as Documentation Agents.

About Essential Properties Realty Trust, Inc.

Essential Properties Realty Trust, Inc. is an internally managed REIT that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to companies operating service-oriented or experience-based businesses. As of March 31, 2024, the Company’s portfolio consisted of 1,937 freestanding net lease properties with a weighted average lease term of 14.1 years and a weighted average rent coverage ratio of 3.9x. In addition, as of March 31, 2024, the Company’s portfolio was 99.9% leased to 383 tenants operating 548 different concepts in 16 industries across 48 states.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240711529367/en/