NNN REIT enters $300 million term loan with option to expand to $500 million
NNN REIT, Inc. entered into a Term Loan Agreement dated December 17, 2025, with Wells Fargo Bank as administrative agent, providing up to $300 million of senior unsecured borrowing capacity during a six-month delayed draw period. The company also amended its revolving credit agreement to remove a 10 basis point SOFR credit spread adjustment. No funds have been drawn on the term loan to date, and the company expects to use future proceeds for general corporate purposes.
Key points
- Term loan provides $300 million of senior unsecured borrowing capacity during a six-month delayed draw period, with an accordion option up to $500 million
- Maturity date is February 15, 2029, with two one-year extension options at the company's option
- Forward starting swaps totaling $200 million fix SOFR at 3.22% through January 15, 2029; margin of 0.85% for SOFR borrowings may change with credit ratings
- Loan contains restrictive covenants, financial maintenance covenants and cross default provisions
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 December 17, 2025.
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