Getty Realty Secures $200 Million Term Loan for Refinancing

Getty Realty Corp. secured a $200 million senior unsecured term loan from existing lenders to refinance debt and repay outstanding amounts under its revolving credit facility. The company used the proceeds to fund a portion of its recently completed Refuel transaction.

The loan matures on October 16, 2028, and includes three twelve-month extension options. At closing, the effective interest rate was 5.03%, with future rates tied to a SOFR or base rate plus a margin based on the company's credit rating.

As part of the agreement, the company amended its existing credit agreement to remove a 10.0 basis points credit spread adjustment and revised its investment grade credit rating definition. Chief Financial Officer Brian Dickman stated the new term loan provides the company with "significant balance sheet flexibility."