Four Corners Property Trust added a new $200 million senior unsecured delayed draw term loan facility with a seven-year maturity in April 2033, giving the company fresh capital to fund acquisitions.
The company drew $50 million at closing, leaving $150 million available for later use. FCPT said it expects the remaining delayed draw commitments to be funded in late Q2 and early Q3 of 2026.
The borrowing carries a 1.25% credit margin over SOFR, based on FCPT’s investment-grade ratings of BBB/BAA3. Including the initial $50 million draw, FCPT said 96% of total outstanding term loans are hedged, and 98% of its overall debt profile is fixed rate through November 2027.
On a pro forma basis, after fully drawing and deploying the full $200 million facility, FCPT estimated run-rate leverage at about 5.4x.
Management said the new facility provides $200 million of incremental capital at attractive all-in rates and that the delayed draw structure lets the company match funding sources and uses without added cost. The company also said it still has room within its stated net leverage range of 5.0x to 6.0x. The market has reacted to these announcements by moving the company's shares -0.62% to a price of $23.87. For more information, read the company's full 8-K submission here.
