Getty Realty Secures $200M Term Loan to Pay Down Revolver Debt
Getty Realty Corp. (GTY) has secured a new $200 million senior unsecured term loan featuring an initial effective rate of 5.03% at closing. The real estate investment trust used the proceeds to pay off borrowings on its revolving credit facility that were tied to its recent Refuel transaction. The new loan matures on October 16, 2028, and includes three 12-month extension options.
The financing deal helps lower floating-rate debt costs while extending the company's maturity profile. As part of the loan agreement, amendments removed a 10 basis point SOFR spread adjustment on the revolver, directly cutting borrowing costs and boosting available liquidity on the revolving facility.
Investors will look for whether this balance sheet restructuring supports accretive property investments or helps secure potential credit rating upgrades, which could reduce financing costs further. Shares of Getty Realty Corp. were trading down 1.90% at $27.84 following the announcement.
Key points
- Getty Realty Corp. secured a $200 million senior unsecured term loan maturing Oct. 16, 2028, with three one-year extension options.
- The term loan carried an effective interest rate of 5.03% at closing and was used to repay revolver debt from the Refuel transaction.
- Amendments eliminated a 10 basis point SOFR add-on on the revolving credit facility, lowering ongoing borrowing costs.
- Getty Realty shares dropped 1.90% to $27.84 following the balance sheet announcement.
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How will Getty Realty Corp. use the $200 million term loan?
Getty Realty Corp. used the proceeds from the $200 million senior unsecured term loan to repay borrowings on its revolving credit facility related to the Refuel transaction.
When does Getty Realty Corp.'s new term loan mature?
The term loan matures on October 16, 2028, and includes three optional 12-month extensions.
What is the effective interest rate on Getty Realty Corp.'s new loan?
The term loan had an effective interest rate of 5.03% at closing. Related amendments also eliminated a 10 basis point SOFR add-on on its revolving credit line.