Company: GTY
Filing Date: 2025-01-28
Form Type: 8-K
Source: 0000950170-25-009847
Chunk: 0

Company: GETTY REALTY CORP /MD/
Filing Date: 2025-01-28
Form: 8-K
Item: Item 1.01
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Item 1.01.

Entry into a Material Definitive Agreement.

On January 23, 2025, Getty Realty Corp. (the “ Company”) entered into a Third Amended and Restated Credit Agreement (the “ Credit Agreement”) with Bank of America, N. A., as administrative agent (the “ Agent”), and the lenders (the “ Lenders”) and other agents party thereto, which amends and restates in its entirety the Second Amended and Restated Credit Agreement dated as of October 27, 2021 by and among the Company, the Agent, the Lenders and the other agents party thereto.

The Credit Agreement provides for a revolving credit facility (the “ Credit Facility”) in an aggregate principal amount of $450.0 million and includes an accordion feature to increase the revolving commitments or add one or more tranches of term loans up to an additional aggregate amount not to exceed $300.0 million, subject to certain conditions, including one or more new or existing lenders agreeing to provide commitments for such increased amount and that no default or event of default shall have occurred and be continuing under the terms of the Credit Facility.

The Credit Facility matures January 23, 2029, subject to two six-month extensions (for a total of 12 months) exercisable at the Company's option. The Company's exercise of an extension option is subject to the absence of any default under the Credit Agreement and the Company's compliance with certain conditions, including the payment of extension fees to the Lenders under the Credit Facility and that no default or event of default shall have occurred and be continuing under the terms of the Credit Facility.

The Credit Agreement permits borrowings under the Credit Facility at an interest rate equal to (i) the sum of a SOFR rate plus a SOFR adjustment of 0.10% plus a margin of 1.30% to 1.90%, or (ii) the sum of a base rate plus a margin of 0.30% to 0.90%, based on the Company's consolidated total indebtedness to total asset value ratio at the end of each quarterly reporting period.

The per annum rate of the unused line fee on the undrawn funds under the Credit Facility is 0.15% to 0.25% based on the Company’s daily unused portion of the available Credit Facility.

The Credit Agreement contains customary financial covenants, including covenants with respect to total leverage, secured leverage and unsecured leverage ratios, fixed charge and interest coverage