Four Corners Property Trust, a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties, entered into an Incremental Amendment to the Third Amended and Restated Revolving Credit and Term Loan Agreement with a group of existing lenders (the "Credit Agreement"). The Company utilized the accordion feature of the Credit Agreement to enter into a new $85 million term loan (the "Term Loan"). The Term Loan matures in March 2027 with one twelve-month extension exercisable at the Company’s option, subject to certain conditions. The Term Loan will be fully drawn at close and will be used to pay down the $50 million of private notes maturing in June 2024 as well as for acquisitions and other general corporate purposes.

In conjunction with the Term Loan, the Company entered into $85 million of interest rate swaps to fix the reference rate at 3.94% through maturity. Including a credit margin of 0.95% determined under the Credit Agreement by FCPT’s current investment grade ratings of BBB/Baa3 (Fitch/Moody’s), the effective interest rate on the Term Loan is 4.89%.

Barclays Bank PLC acted as Syndication Agent and Joint Lead Arranger on the Term Loan with J.P. Morgan Chase Bank remaining as administrative agent. The additional lenders acting as Joint Lead Arrangers and Co-Documentation Agents were The Huntington National Bank, Mizuho Bank, Ltd, Raymond James Bank, Truist Bank, and Wells Fargo Bank.

Bill Lenehan, Chief Executive Officer of FCPT, commented "We are very appreciative of the support of our existing bank partners. This Term Loan allows us to pay down our only near-term debt maturity at a favorable borrowing cost and provides additional capital for acquisitions. This transaction highlights FCPT's commitment to a strong, investment grade-balance sheet, and positions the Company well with our next maturity not scheduled until November 2025."