NETSTREIT Corp. (NTST): debt financing — NETSTREIT enters into $175M senior unsecured term loan to refinance existing debt

NETSTREIT Corp.

$175M term loan matures Jan 15, 2026 with one-year extension option at Borrower's election.
Interest rate based on Total Leverage Ratio (SOFR + 1.15%-1.60%) or, post-IGR, on credit rating (SOFR + 0.80%-1.60%).
Proceeds used to repay all outstanding obligations under the prior credit agreement dated Dec 2019.
Amended and Restated Credit Agreement includes customary covenants (max leverage, fixed charge coverage, secured leverage, min tangible net worth).
Parent and certain subsidiaries guarantee the obligations under the new credit facility.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

NETSTREIT Corp. incurred term loan of $175.0 million with Wells Fargo Bank, National Association, as Administrative Agent at SOFR, plus a margin ranging from 1.15% to 1.60% or (ii) Base Rate, plus a margin maturing January 15, 2026.

Instrument: term loan
Principal: $175.0 million
Counterparty: Wells Fargo Bank, National Association, as Administrative Agent
Rate: SOFR, plus a margin ranging from 1.15% to 1.60% or (ii) Base Rate, plus a margin
Maturity: January 15, 2026
Event: incurrence

Exact text from the filing

The Amended Credit Agreement provides for a $175.0 million senior unsecured term loan (the “Term Loan”) maturing on January 15, 2026

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Source: SEC EDGAR

accession 0001798100-23-000060

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