secwatch.observer — SEC 8-K summary
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Issuer:     AGREE REALTY CORP (ADC)
CIK:        0000917251
Form:       8-K
Filed at:   2025-11-18T23:59:59+00:00
Accession:  0001104659-25-113644
Event type: debt
Sentiment:  positive
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Agree Realty enters $350M term loan facility, cuts credit spreads on revolving and term loans
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- New $350M unsecured delayed draw term loan matures May 15, 2031; no borrowings outstanding at signing.
- First Amendment to revolving credit reduces SOFR credit spread adjustment from 10bps to 0bps; rate now SOFR + 72.5bps.
- Second Amendment to existing term loan cuts credit spread adjustment from 10bps to 0bps; fixed swap rate now 4.37%.
- Facility includes option to increase aggregate loans to $500M, subject to lender consent.
- Proceeds for general corporate purposes; lenders include PNC, Wells Fargo, and JPMorgan.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/917251/000110465925113644/0001104659-25-113644-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/917251/000110465925113644/adc-20251117x8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-113644

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