FCPT Upsizes Credit Facility to $1.15B, Extends Maturities and Cuts Borrowing Costs
FCPT is trading near its 52-week low of $22.78 (14% above the low).
Summary
FCPT amended its credit facility, increasing total capacity from $940 million to $1.15 billion via a new $400 million term loan maturing in 2031. The proceeds will repay $190 million of near-term maturities due in late 2026 and early 2027, with $210 million available for investments and general purposes. Lenders also improved credit spreads by 5-10 basis points, saving an estimated $450,000 annually on $800 million of term loans. The existing $85 million term loan was extended to March 2028 with an additional one-year extension option. On a fully drawn basis, 72% of term loans are swapped to fixed at a blended 3.1% rate, and overall debt is 82% fixed. This follows a record acquisition year, including the recent $268 million Mission Pet Health deal, and positions FCPT with full availability under its $350 million revolver and a well-laddered maturity schedule. The transaction reduces refinancing risk and supports the investment pipeline without increasing leverage beyond stated targets.
At the time of this announcement, FCPT was trading at $25.99 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $2.9B. The 52-week trading range was $22.78 to $26.86. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.