AGREE REALTY CORPORATION (NYSE:ADC) Files An 8-K Entry into a Material Definitive Agreement

AGREE REALTY CORPORATION (NYSE:ADC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.

Entry into a Material Definitive Agreement.
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On December 17, 2018, Agree Limited Partnership, a Delaware limited partnership (the “Borrower”), Agree Realty Corporation, a Maryland corporation (the “Company”), and certain indirect subsidiaries of the Borrower entered into a First Amendment to Amended and Restated Revolving Credit and Term Loan Agreement (the “First Amendment”) with PNC Bank, National Association (the “Agent”), as administrative agent, and Capital One, National Association, Regions Bank, SunTrust Bank, U.S. Bank National Association, Raymond James Bank, N.A. and Stifel Bank & Trust, as lenders (collectively with the Agent, the “2024 Term Loan Lenders”). The First Amendment amends the Amended and Restated Revolving Credit and Term Loan Agreement dated as of December 15, 2016.

The First Amendment sets forth a new pricing grid for the calculation of the applicable rate. In accordance with the new pricing grid, borrowings under the term loan bear interest at a rate per annum equal to, at the option of the Company, (i) LIBOR plus a margin that is based upon the Company’s credit rating or (ii) the Base Rate plus a margin that is based upon the Company’s credit rating. The margins for term loan range in amount from 0.85% to 1.65% for LIBOR-based loans and 0.00% to 0.65% for Base Rate-based loans, depending on the Company’s credit rating.

The foregoing description of the First Amendment does not purport to be complete and is qualified in its entirety by reference to the complete terms of the First Amendment. A copy of the First Amendment will be filed with the Securities and Exchange Commission as an exhibit to the Company’s Annual Report on Form 10-K.

Item 7.01. Regulation FD Disclosure.

On December 18, 2018, the Company issued a press release announcing the First Amendment. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished to this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any filing under the Securities Act, unless specifically identified therein as being incorporated therein by reference. Information contained on or accessible through any website reference in the press release is not part of, or incorporated by reference in, this Current Report on Form 8-K, and the inclusion of any such website address in this Current Report on Form 8-K by incorporation by reference of the press release is as an inactive textual reference only.

Item 9.01. Financial Statements and Exhibits.
Exhibit Description
99.1 Press release, dated December 18, 2018.

AGREE REALTY CORP Exhibit
EX-99.1 2 tv509402_ex99-1.htm EXHIBIT 99.1   Exhibit 99.1     70 E. Long Lake Rd. Bloomfield Hills,…
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About AGREE REALTY CORPORATION (NYSE:ADC)

Agree Realty Corporation (Agree Realty) is an integrated real estate investment trust (REIT) primarily focused on the ownership, acquisition, development and management of retail properties. The Company operates through Agree Limited Partnership (the Operating Partnership), of which it is the sole general partner and in which Agree Realty holds an approximately 98.3% interest. The Company’s portfolio consists of over 280 properties located in over 40 states and totaling approximately 5.2 million square feet of gross leasable area. Its portfolio includes over 275 net lease properties and over three community shopping centers. The Company’s primary tenant is Walgreens Boot Alliance, Inc. (Walgreens), which operates a chain of drugstores in the United States. The Company’s business objective is to generate consistent shareholder returns by investing in and actively managing a diversified portfolio of retail properties net leased to industry tenants.

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