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Get filing alertsNNN REIT expands term loan to $500M, reduces borrowing spreads by 5 basis points
Filed June 23, 2026 · Period ending June 23, 2026 · ~1 min read
Key Changes
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Exercised $200M incremental term loan option, expanding total facility from $300M to $500M with maturity February 15, 2029 and two one-year extension options available.
Item 1.01 verify on EDGAR → -
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Reduced borrowing spreads by 5 basis points on both facilities: term loan margin now 0.800% over SOFR (from 0.850%), revolver margin now 0.725% over SOFR (from 0.775%).
Item 1.01 verify on EDGAR → -
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Entered $100M forward-starting interest rate swap fixing SOFR at 3.43% through February 2029, hedging half the expanded term loan against rate increases.
Item 1.01 verify on EDGAR →
Summary
NNN REIT exercised a $200 million expansion option on its senior unsecured term loan, bringing total capacity to $500 million. The company simultaneously negotiated lower borrowing spreads—5 basis points on both the term loan and its revolving credit facility—reflecting its current credit ratings.
The new incremental borrowings carry identical terms to the existing facility and mature in February 2029 with extension options. The company hedged half the expanded facility by entering a $100 million interest rate swap that fixes SOFR at 3.43% through maturity. Combined with the reduced spreads, this positions NNN REIT with expanded liquidity at a lower all-in cost of capital.
For a net-lease REIT, the combination of increased capacity and improved pricing supports acquisition activity while managing interest rate exposure. The transaction is a routine balance sheet optimization that modestly improves the company's financial flexibility.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 29, 2026 · How we verify