Agree Realty amends revolving credit facility, raising capacity to $1.25 billion
Agree Realty entered a fourth amended and restated revolving credit agreement with PNC Bank as administrative agent, raising borrowing capacity from $1.0 billion to $1.25 billion and extending maturity from January 15, 2026 to August 8, 2028. The borrowing rate also falls to SOFR plus 72.5 basis points from 77.5 basis points, with a 10-basis point credit spread adjustment in both cases, so the company gets more capacity, longer maturity and lower borrowing costs.
Key points
- Borrowing capacity rises to $1.25 billion from $1.0 billion; accordion feature allows an increase up to $2.0 billion.
- Maturity extended to August 8, 2028 from January 15, 2026, subject to company extension options.
- Interest spread cut to SOFR plus 72.5 basis points from 77.5 basis points, plus a 10-basis point credit spread adjustment.
- A First Amendment to the July 31, 2023 Term Loan Agreement aligns covenants with the new credit agreement; its maturity and pricing are unchanged.
The filing
Written by AI on Nov 8, 2026, 1:17 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 08, 2024.
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