NETSTREIT Corp. Announces $275.0 Million in Additional Financing Commitments and Amendments to Existing Credit Facilities

NetSTREIT

13.70 EUR 1.48%

• Charts
• News
• Analysen

Kaufen Verkaufen

NETSTREIT Corp. (NYSE: NTST) (the "Company”) today announced the closing of $275.0 million in additional financing commitments and amendments to its existing credit facilities agented by PNC Bank, National Association (the "PNC Credit Agreement”), Wells Fargo Bank, National Association (the "Wells Fargo Credit Agreement”) and Truist Bank (the "Truist Credit Agreement”).

The PNC Credit Agreement was amended and restated and provides for credit facilities in an aggregate initial amount of $875.0 million, consisting of a new $175.0 million senior unsecured term loan (the "New Term Loan”), the existing $200.0 million senior unsecured term loan (the "Existing Term Loan”), and an upsized, $500.0 million revolving credit facility (which has been increased from $400.0 million under the existing PNC Credit Agreement) (the "Revolving 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 $175.0 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 $175.0 million senior unsecured term loan (the "Amended Term Loan”) thereunder from January 2027 to January 2029 with an option, at the Company's 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, National Association; U.S. Bank National Association; Capital One, National Association; and Truist Bank acted as Syndication Agents for the Revolving Facility. The Huntington National Bank; Bank of America, N.A.; Regions Bank; TD Bank, N.A.; and Mizuho, Ltd. acted as Documentation Agents for the Revolving Facility. Wells Fargo Securities, LLC; PNC Capital Markets LLC; U.S. Bank National Association; Capital One, National Association; and Truist Securities, Inc. acted as Joint Lead Arrangers for the Revolving Facility. Wells Fargo Securities, LLC; PNC Capital Markets LLC; and U.S. Bank National Association acted as Joint Bookrunners for the Revolving Facility.

Capital One, National Association; Truist Bank; and The Huntington National Bank acted as Syndication Agents for the New Term Loan. PNC Capital Markets, LLC; Capital One, National Association; Truist Securities, Inc.; and The Huntington National Bank acted as Joint Lead Arrangers for the New Term Loan. PNC Capital Markets, LLC acted as Sole Bookrunner for the New Term Loan.

Bank of America, N.A.; Regions Bank; and TD Bank, N.A., acted as Syndication Agents for the Amended Term Loan. Wells Fargo Securities, LLC; BOFA Securities, Inc.; Regions Capital Markets; and TD Bank, N.A. acted as Joint Lead Arrangers for the Amended Term Loan. Wells Fargo Securities, LLC, acted as the sole Bookrunner for the Amended Term Loan.

Cooley LLP acted as counsel to the Company and Alston & Bird LLP acted as counsel to the Administrative Agents.

About NetSTREIT Corp.

NETSTREIT is an internally managed real estate investment trust (REIT) based in Dallas, Texas that specializes in acquiring single-tenant net lease retail properties nationwide. The growing portfolio consists of high-quality properties leased to e-commerce resistant tenants with healthy balance sheets. Led by a management team of seasoned commercial real estate executives, NETSTREIT’s strategy is to create the highest quality net lease retail portfolio in the country with the goal of generating consistent cash flows and dividends for its investors.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250116090161/en/