{"id":1004417077,"date":"2020-04-14T04:46:14","date_gmt":"2020-04-14T12:46:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004417077"},"modified":"2020-04-14T04:46:14","modified_gmt":"2020-04-14T12:46:14","slug":"spirit-realty-capital-closes-on-100m-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/spirit-realty-capital-closes-on-100m-loan\/","title":{"rendered":"Spirit Realty Capital Closes on $100M Loan"},"content":{"rendered":"<div id=\"attachment_1004417086\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/loan-agreement.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004417086\" data-attachment-id=\"1004417086\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/spirit-realty-capital-closes-on-100m-loan\/loan-agreement\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/loan-agreement.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"loan agreement\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Image via Pixabay.com &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/loan-agreement.jpg?w=800\" class=\"wp-image-1004417086 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/loan-agreement.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/loan-agreement.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/loan-agreement.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/loan-agreement.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004417086\" class=\"wp-caption-text\"><em>Image via Pixabay.com<\/em><\/p><\/div>\n<p>In a strategic move to free-up additional liquidity, Spirit Realty Capital Inc. has closed on an incremental $100 million term loan. The funding was made available courtesy of the accordion feature of the REIT&#8217;s recently announced $200 million <a href=\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-extends-500m-credit-facility\/\">unsecured term loan facility<\/a>.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/the-debt-the-deficit-and-commercial-real-estate\/\">The Debt, the Deficit and Commercial Real Estate<\/a><\/p>\n<hr>\n<p>Along with access to proceeds from the additional term loan, which is scheduled to mature in April 2022, Spirit now has the option to increase the term loans under the unsecured term loan facility for a total of $400 million. <em>&#8220;As the COVID-19 pandemic began to unfold, we took the important step to further strengthen our liquidity position by raising an additional $300 million of term loan proceeds at a very attractive borrowing cost, bringing our total liquidity in excess of $830 million,&#8221;<\/em> Jackson Hsieh, CEO of Spirit Realty Capital Inc., said during the company&#8217;s first quarter 2020 earnings conference call on April 13. Spirit will be subject to an interest rate of LIBOR plus 150 basis points for borrowings under the incremental term loan. The company has no debt maturities in 2020.<\/p>\n<h2><strong>Active amid uncertainty<\/strong><\/h2>\n<p>As the coronavirus grips the nation and <a href=\"https:\/\/www.commercialsearch.com\/news\/at-long-last-the-cycle-ends-whats-next\/\">a potential recession looms<\/a>, Spirit continues to announce good news. During the first quarter of the year, the REIT closed on the acquisition of 27 predominantly industrial properties for a total of $205.9 million. The list of transactions included the purchase of a 276,000-square-foot portfolio of industrial and office space, along with 5 acres of undeveloped land, in Jacksonville, Fla., in a deal valued at $23.9 million. Spirit also pocketed $15.7 million in gross proceeds on the disposition of seven assets during the first quarter.<\/p>\n<p>Looking ahead, Spirit remains open to additional investments regardless of an economic downturn. The company&#8217;s strong liquidity position, Hsieh added during the call, allows the company to be <em>&#8220;opportunistic when attractive acquisitions present themselves.&#8221;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The REIT completed the incremental financing under the accordion feature of its recently announced $200 million unsecured term loan facility. <\/p>\n","protected":false},"author":969,"featured_media":1004417086,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,23891,21742],"tags":[48950,35431,34525],"class_list":["post-1004417077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-national","category-latest","tag-coronavirus","tag-jackson-hsieh","tag-spirit-realty-capital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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