ORLANDO,
Fla., April 16, 2024 /PRNewswire/ -- NNN REIT,
Inc. (NYSE: NNN), a real estate investment trust, today announced
the amendment of its unsecured bank credit facility. The amendment
increases the available borrowing capacity under the credit
facility from $1.1 billion to
$1.2 billion. The amended facility
matures April 2028, with options to
extend maturity to April 2029. All
other material loan provisions, including pricing, are unchanged.
The amended facility also includes an accordion feature to increase
the facility size up to $2.0
billion.
Wells Fargo Bank, National Association, and Bank of America,
N.A., served as the Joint Lead Arrangers and Joint Bookrunners on
the credit facility with Wells Fargo Bank acting as the
Administrative Agent and Bank of America acting as the Syndication
Agent. Joint Lead Arrangers and Documentation Agents were PNC Bank,
National Association, Royal Bank of Canada, TD Bank, N.A., Truist Bank and U.S.
Bank National Association. Senior Managing Agents were Morgan
Stanley Bank, N.A., Mizuho Bank,
Ltd., and Sumitomo Mitsui Banking Corporation. The other bank
participant was Raymond James
Bank.
"We greatly appreciate the continuing support of our bank group
and the confidence they have in our business," said Kevin B. Habicht, Executive Vice President and
CFO. "The expanded facility gives us significant financial
flexibility and enhances our ability to take advantage of
acquisition opportunities which helps us perpetuate NNN's track
record of 34 consecutive annual dividend increases."
NNN REIT invests primarily in high-quality retail properties
subject generally to long-term, net leases. As of December 31, 2023, the company owned 3,532
properties in 49 states with a gross leasable area of approximately
36.0 million square feet and a weighted average remaining lease
term of 10.1 years. For more information on the company, visit
www.nnnreit.com.
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SOURCE NNN REIT, Inc.