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$NNN
·
10-Q
NNN REIT, INC. · Apr 30, 8:33 AM ET
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NNN REIT, INC. 10-Q
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4
Note 4 – Term Loan:
In December 2025, NNN entered into a senior unsecured term loan with a $300,000,000 capacity (the "Term Loan"). The Term Loan has a six-month delayed draw commitment period and an accordion option to increase the facility size up to $500,000,000. The Term Loan matures in February 2029, unless the Company exercises its options to extend maturity to February 2031. The Term Loan bears interest at SOFR plus an applicable margin of 85 basis points; however, such applicable margin may change pursuant to a tiered margin structure based on NNN's debt rating.
To hedge the risk of changes in forecasted interest payments on the Term Loan, NNN entered into three forward starting swaps with a total notional amount of $300,000,000 which exchange variable rate interest on the Term Loan of SOFR indexed debt to a weighted average fixed interest rate of 3.25% (see "Note 7 – Derivatives"). During the quarter ended March 31, 2026, the Term Loan had a weighted average outstanding balance of $222,222,000 and an all-in fixed interest rate of 4.10%, inclusive of the outstanding swaps and the applicable margin.
In connection with the Term Loan, NNN incurred loan costs of $2,465,000 which are included in debt costs on the Condensed Consolidated Balance Sheet. As of March 31, 2026, there was $300,000,000 outstanding under the Term Loan, and NNN was in compliance with each of the Term Loan financial covenants.
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