Getty Realty Corp. has entered into a new $200 million senior unsecured term loan with a group of existing lenders, effectively funding a portion of its recently completed Refuel transaction. The move replaces revolving credit facility borrowings with a fixed-maturity obligation that carries an effective interest rate of 5.03% at closing.
The term loan, which matures on October 16, 2028, includes three twelve-month extensions that the company can exercise at its option subject to certain conditions. Interest on the loan is calculated either as the sum of a SOFR rate plus a margin ranging from 0.75% to 1.55%, or as the sum of a base rate plus a margin ranging from 0.00% to 0.50%, with the specific margin determined by the company's credit rating.
The transaction was structured as an amendment to Getty's existing credit agreement, a process that also yielded immediate cost savings on the company's revolving credit facility. The amendment removed a 10.0 basis point credit spread adjustment previously applied to SOFR borrowings under the revolver. Additionally, the revised agreement changed the definition of an investment grade credit rating, allowing Getty to elect pricing for its revolver borrowings based on a ratings-based grid rather than a leverage-based grid.
Brian Dickman, Getty's Chief Financial Officer, stated that the new term loan provides significant balance sheet flexibility as the platform scales and capital markets stabilize. Dickman noted that the related amendments to the credit agreement reduce borrowing costs under the revolver, which he said validates the strength of the company's portfolio and credit profile.
Getty Realty Corp. is a net lease REIT focused on convenience and automotive retail real estate. The company held 1,269 freestanding properties across 46 states and Washington, D.C., as of September 22, 2026.