Four Corners Property Trust, Inc. (FCPT): debt financing — FCPT closes $85M term loan to refinance near-term debt and fund acquisitions

Four Corners Property Trust, Inc.

$85M term loan matures March 2027; one-year extension available.
Proceeds repay $50M private notes due June 2024, plus acquisitions and general purposes.
Interest rate swapped to fixed reference rate 3.94%; effective rate 4.89% including 0.95% margin.
Existing $350M accordion reduced to $265M remaining capacity after this draw.

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 $85 million with Barclays Bank PLC, J.P. Morgan Chase Bank, N.A., The Huntington National Bank, Mizuho Bank, Ltd, Raymond James Bank, Truist Bank, and Wells Fargo Bank, N.A. at effective interest rate on the Term Loan is 4.89% maturing March 2027.

Instrument: term loan
Principal: $85 million
Counterparty: Barclays Bank PLC, J.P. Morgan Chase Bank, N.A., The Huntington National Bank, Mizuho Bank, Ltd, Raymond James Bank, Truist Bank, and Wells Fargo Bank, N.A.
Rate: effective interest rate on the Term Loan is 4.89%
Maturity: March 2027
Event: incurrence

Exact text from the filing

The Company utilized the accordion feature of the Credit Agreement to enter into a new $85 million term loan (the “Term Loan”).

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Four Corners Property Trust, Inc. filing history →

Source: SEC EDGAR

accession 0001650132-24-000051

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