Spirit Realty Capital, Inc. Announces $800.0 Million Unsecured Term Loan Facility

Spirit Realty Capital, Inc. (NYSE: SRC) (“Spirit” or the “Company”), a net-lease real estate investment trust (“REIT”) that invests in single-tenant, operationally essential real estate, today announced that the Company has closed on a new unsecured term loan facility for an aggregate amount of $800.0 million comprised of a $300.0 million three-year tranche with a maturity date of August 22, 2025 and a $500.0 million five-year tranche with a maturity date of August 20, 2027. The term loan facility also includes an accordion feature to increase the available term loans in the aggregate amount of $200.0 million (such that the term loans shall not exceed $1.0 billion), subject to obtaining lender commitments and the satisfaction of certain customary conditions. Borrowing rates under the new term loans are variable and subject to a leverage-based pricing grid, currently calculated as one-month Adjusted SOFR plus an 85 basis point spread based on the Company’s credit rating. In anticipation of closing the term loan, Spirit previously entered into interest swap agreements, effectively fixing the interest rate at 3.45% for the 2027 maturity and 3.59% for the 2025 maturity, resulting in a weighted average interest rate of 3.50% for the total $800 million facility.

A total of twelve lenders participated in the term loan facility, including JP Morgan Chase Bank, N.A. as a Joint Bookrunner, Joint Lead Arranger and Administrative Agent. Capital One, National Association, Mizuho Bank, Ltd., Regions Bank, TD Bank N.A., Truist Bank, and The Huntington National Bank served as a Joint Bookrunners and Joint Lead Arrangers. Fifth Third Bank, National Association served as Joint Lead Arranger. Royal Bank of Canada, The Bank of Nova Scotia, Bank of America, N.A., and Wells Fargo Bank, N.A. served as Managing Agents.

“We are pleased to complete our previously announced $800.0 million term loan facility,” stated Michael Hughes, Chief Financial Officer of Spirit Realty Capital. “As we execute on our growth initiatives, we will continue evaluating various capital sources available to us to strengthen our balance sheet and drive the long-term success of our business. We would like to thank our banking partners for their commitments and continued support.”

ABOUT SPIRIT REALTY

Spirit Realty Capital, Inc. (NYSE: SRC) is a premier net-lease REIT that primarily invests in single-tenant, operationally essential real estate assets, subject to long-term leases.