NNN REIT, INC. 8-K

What Happened

• NNN REIT, Inc. announced on June 23, 2026 that it executed a First Amendment to its Term Loan Agreement to exercise a $200 million incremental term loan option, increasing the senior unsecured term loan facility to $500 million. The incremental borrowings bear the same terms as the existing $300 million tranche (as amended) and the Term Loan matures on February 15, 2029, with two one‑year extension options. The amendments were entered into with a syndicate of lenders and Wells Fargo Bank, N.A. as Administrative Agent. The company also entered a Second Amendment to its Revolving Credit Facility to amend the pricing grid.

Key Details

• $200 million incremental term loan exercised, bringing total Term Loan facility to $500 million.
• Term Loan maturity: February 15, 2029, with two one‑year extension options.
• Company entered a $100 million forward starting interest rate swap that effectively fixes SOFR at 3.43% through February 15, 2029.
• Pricing/margin reductions: SOFR-based margin lowered to 0.800% (from 0.850%) for outstanding Term Loan borrowings and to 0.725% (from 0.775%) for Revolving Credit Facility borrowings.
• Administrative Agent: Wells Fargo Bank, National Association. Proceeds expected to be used for general corporate purposes.

Why It Matters

• The amendment increases the company’s committed unsecured liquidity by $200 million and extends the debt maturity profile through 2029, which supports funding flexibility for general corporate needs. The $100 million swap reduces the company’s exposure to rising SOFR rates on a portion of the borrowings by effectively locking a 3.43% rate. The margin reductions modestly lower ongoing interest costs on both the term loan and revolving facility based on the company’s current credit ratings. The filing also creates a direct financial obligation under Item 2.03 and includes the amendment documents as exhibits.