STORE CAPITAL LLC: debt financing — STORE Capital repays $960M secured bridge loan early, expands unsecured facility to $3.2B

STORE CAPITAL LLC

Repaid in full $960M secured bridge loan due Feb 2025 using new term loans and cash.
Amended unsecured credit agreement to increase capacity from $2.5B to $3.2B.
Added new $467.5M term loans, bringing aggregate term borrowings to $1.3B.
CEO cites continued access to capital and commitment to return to unsecured debt levels.
Early payoff reduces secured debt, extends maturity profile, and lowers cost of capital.

item 1.01 item 1.02 item 2.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

STORE CAPITAL LLC amended credit facility of increased capacity for uncommitted incremental term loans and revolving commitments from up to $2.5 billion to up to $3. with KEYBANK NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT AND THE LENDERS PARTY THERETO at not changed maturing not changed.

Instrument: credit facility
Principal: increased capacity for uncommitted incremental term loans and revolving commitments from up to $2.5 billion to up to $3.
Counterparty: KEYBANK NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT AND THE LENDERS PARTY THERETO
Rate: not changed
Maturity: not changed
Event: amendment

Exact text from the filing

The First Amendment increased the capacity for uncommitted incremental term loans and revolving commitments, whether in the form of additional facilities or an increase to the existing facilities, from an aggregate amount for all revolving commitments and term loans under the Unsecured Credit Agreement of up to $2.5 billion to an aggregate amount for all revolving commitments and term loans under the Unsecured Credit Agreement of up to $3.2 billion.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

STORE CAPITAL LLC entered into Incremental Amendment No. 3 to Unsecured Credit Agreement with KeyBank National Association valued at New incremental term loans in aggregate principal amount of $467.5 million (effective 2023-12-14).

Action: entry
Agreement: credit facility
Counterparty: KeyBank National Association
Value: New incremental term loans in aggregate principal amount of $467.5 million
Effective: 2023-12-14

Exact text from the filing

Also on December 14, 2023, immediately upon the effectiveness of the First Amendment, the Company, the Administrative Agent, and the lenders party thereto entered into an incremental amendment no. 3 (the " Incremental Amendment No. 3 ") to the Unsecured Credit Agreement.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

STORE CAPITAL LLC amended First Amendment to Unsecured Credit Agreement with KeyBank National Association valued at Increased capacity for uncommitted incremental term loans and revolving commitments from up to $2.5 (effective 2023-12-14).

Action: amendment
Agreement: credit facility
Counterparty: KeyBank National Association
Value: Increased capacity for uncommitted incremental term loans and revolving commitments from up to $2.5
Effective: 2023-12-14

Exact text from the filing

On December 14, 2023, STORE Capital LLC (the " Company "), KeyBank National Association, as administrative agent (the " Administrative Agent "), and the lenders party thereto, entered into a first amendment (the " First Amendment ") to the Credit Agreement, dated as of February 3, 2023 (as amended to date, the " Unsecured Credit Agreement "), by and among the Company, the other lenders identified therein, and the Administrative Agent.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

STORE CAPITAL LLC terminated Credit Agreement dated as of February 3, 2023 with Credit Suisse AG, Cayman Islands Branch valued at Repaid in full all indebtedness and terminated the Credit Agreement with outstanding principal balan (effective 2023-12-14).

Action: termination
Agreement: credit facility
Counterparty: Credit Suisse AG, Cayman Islands Branch
Value: Repaid in full all indebtedness and terminated the Credit Agreement with outstanding principal balan
Effective: 2023-12-14

Exact text from the filing

In connection with the entry into Incremental Amendment No. 3, the Company used the proceeds from the New Term Loans provided thereunder, together with cash on hand, to repay in full all indebtedness, liabilities and other obligations outstanding under, and terminated, the Credit Agreement, dated as of February 3, 2023 (the " Credit Agreement "), by and among the Company, certain special purpose subsidiaries of the Company (the " Borrowers "), Credit Suisse AG, Cayman Islands Branch, as administrative agent (the " Administrative Agent "), Citibank, N.A., as payment agent, and the other lenders and parties identified therein.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

STORE CAPITAL LLC terminated Property Management and Servicing Agreement with KeyBank National Association valued at Terminated in connection with termination of the Credit Agreement (effective 2023-12-14).

Action: termination
Agreement: credit facility
Counterparty: KeyBank National Association
Value: Terminated in connection with termination of the Credit Agreement
Effective: 2023-12-14

Exact text from the filing

Upon termination of the Credit Agreement, the Company also terminated the related Property Management and Servicing Agreement, dated as of February 3, 2023 (the " Property Management Agreement "), among the Borrowers, the Company, KeyBank National Association, as back-up manager, and the Administrative Agent.

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Source: SEC EDGAR

accession 0001193125-23-300041

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