Spirit Realty Capital, Inc. announced that the company has closed a $1.62 billion unsecured credit facility, comprised of an $800 million unsecured revolving credit facility due March 2023, a $420 million unsecured term loan due March 2024 and a $400 million unsecured term loan due March 2022. The company has the ability to further increase the borrowing capacity of the credit facility to $2.42 billion in aggregate, subject to certain conditions. In conjunction with the new credit facility, the company has entered into a $400 million swap transaction that fixes LIBOR for five years at a rate of 2.816% beginning February 2019. The new $800 million unsecured revolving credit facility replaces the company’s existing $800 million unsecured facility. The revolving credit facility matures in March 2023 and includes two six-month extensions that can be exercised at the company’s option. Borrowings under the new facility, based on the company’s current BBB-/Baa3 credit ratings, bear interest at LIBOR plus 110 basis points with a facility commitment fee of 25 basis points, for all-in drawn pricing of 135 basis points over LIBOR. This compares to all-in drawn pricing of 150 basis points over LIBOR under the previous facility. The capacity of the new unsecured revolving credit facility can be increased to $1.2 billion with the accordion expansion feature. The new $420 million unsecured term loan replaces the company’s existing $420 million unsecured term loan. Borrowings under the new term loan bear interest at LIBOR plus 125 basis points, based on the company’s current credit rating. This compares to pricing of 135 basis points over LIBOR under the previous facility. The capacity of the unsecured term loan can be increased to $620 million with the accordion expansion feature. The new $400 million unsecured term loan includes a delayed funding feature and the company expects to fully draw loan proceeds in May to retire the $402.5 million unsecured convertible senior notes due May 2019, which bear interest at 2.875%. Borrowings under the $400 million unsecured term loan bear interest at LIBOR plus 125 basis points, based on the company’s current credit rating. The capacity of the unsecured term loan can be increased to $600 million with the accordion expansion feature.