Four Corners Property Trust, Inc. (FCPT): debt financing — FCPT closes $200M seven-year delayed draw term loan; $50M drawn at closing

Four Corners Property Trust, Inc.

Facility: $200M senior unsecured delayed draw term loan; $50M funded on closing, $150M to fund acquisitions in late Q2/early Q3 2026.
Interest: 1.25% over SOFR (all-in ~4.9%), with 96% of term loans hedged at 3.0% blended rate; 98% of total debt fixed through Nov 2027.
Maturity: April 6, 2033; prepayment fees apply for first two years, none after year two.
Financial covenants include total leverage ≤60%, fixed charge coverage ≥1.50x, unencumbered leverage ≤60%.
Pro forma full draw: run-rate leverage ~5.4x, within 5.0x-6.0x target range; spread to historic acquisition yields ~200+ bps.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Four Corners Property Trust, Inc. incurred term loan of $200.0 million with The Huntington National Bank at SOFR plus an applicable margin ranging from 1.15% to 2.20% maturing April 6, 2033.

Instrument: term loan
Principal: $200.0 million
Counterparty: The Huntington National Bank
Rate: SOFR plus an applicable margin ranging from 1.15% to 2.20%
Maturity: April 6, 2033
Event: incurrence

Exact text from the filing

The Loan Agreement provides for a senior unsecured delayed draw term loan facility in an aggregate principal amount of $200.0 million (the “Term Loan Facility”), $50.0 million of which was funded on the Closing Date.

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

Four Corners Property Trust, Inc. entered into Loan Agreement with The Huntington National Bank as administrative agent, with Huntington and U.S. Bank, N.A. acting as Joint Bookrunners and Joint Lead Arrangers and additional lenders included Fifth Third Bank, N.A. which acted as Joint Lead Arranger and Raymond James Bank which acted as Documentation Agent valued at $200.0 million (effective 2026-04-06).

Action: entry
Agreement: credit facility
Counterparty: The Huntington National Bank as administrative agent, with Huntington and U.S. Bank, N.A. acting as Joint Bookrunners and Joint Lead Arrangers and additional lenders included Fifth Third Bank, N.A. which acted as Joint Lead Arranger and Raymond James Bank which acted as Documentation Agent
Value: $200.0 million
Effective: 2026-04-06

Exact text from the filing

On April 6, 2026 (the “Closing Date”), Four Corners Property Trust, Inc. (the “Company”) and its subsidiary, Four Corners Operating Partnership, LP (the “Borrower”), entered into a Term Loan Agreement (the “Loan Agreement”) with The Huntington National Bank ("Huntington") as administrative agent, with Huntington and U.S. Bank, N.A. acting as Joint Bookrunners and Joint Lead Arrangers and additional lenders included Fifth Third Bank, N.A. which acted as Joint Lead Arranger and Raymond James Bank which acted as Documentation Agent (the “Lenders”).

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Four Corners Property Trust, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-26-144172

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