NNN REIT, Inc. Announces New $300 Million Term Loan

Core Viewpoint - NNN REIT, Inc. has successfully closed a $300 million senior unsecured delayed draw term loan facility, enhancing its financial flexibility and supporting its long-term growth strategy [1][2]. Group 1: Term Loan Details - The term loan features a six-month delayed draw and an accordion option to increase the total facility size to $500 million [1]. - The loan matures on February 15, 2029, with two one-year extension options, and no funds have been drawn to date [1]. - The applicable margin on the term loan is 0.85% based on NNN's current credit ratings [1]. Group 2: Financial Strategy - The proceeds from the term loan are expected to be used for general corporate purposes [1]. - NNN has entered into forward starting swaps totaling $200 million, fixing SOFR at 3.22% through January 15, 2029, in anticipation of the term loan [2]. Group 3: Credit Facility Amendments - NNN amended its existing $1.2 billion senior unsecured revolving credit facility to remove the 10-basis point SOFR credit spread adjustment [3]. Group 4: Banking Partners - Wells Fargo Securities, LLC and BofA Securities, Inc. acted as Joint Lead Arrangers and Joint Bookrunners, with Wells Fargo Bank serving as the Administrative Agent [3]. - Truist Securities, Inc., PNC Capital Markets LLC, U.S. Bank National Association, Royal Bank of Canada, and TD Bank, N.A. also participated in the transaction as Joint Lead Arrangers [4]. Group 5: Company Overview - NNN REIT invests in high-quality properties under long-term net leases with minimal ongoing capital expenditures [5]. - As of September 30, 2025, the company owned 3,697 properties across 50 states, with a gross leasable area of approximately 39.2 million square feet and a weighted average remaining lease term of 10.1 years [5].